UK ‘Moving Fast’ on Crypto Regulations, Says Coinbase CEO

By Liam J. Kelly and Ryan S. Gladwin

Coinbase’s CEO Brian Armstrong appears as bullish as ever on crypto regulations in the UK.

“The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection,” he said in a tweet picturing himself alongside the UK’s Economic Secretary and City Minster Andrew Griffith. “Excited to keep investing in the UK.”

The crypto exec also took the occasion to boost a bit of thought leadership from the exchange, which describes the UK as a “Web3 innovation hub.”

Griffith, for his part, has reportedly revived a body called the Asset Management Taskforce.

Sky News reported that the body will be investigating how to deploy blockchain technology across the fund management industry, among other objectives.

Coinbase has also provided nine recommendations that would cement the "UK as a leader in the sector."

These recommendations included ensuring that banks remove blanket bans on purchasing crypto, establish a good regulatory framework, and to set out a plan to bring decentralized ID into fruition.

The post also read that “things are happening in Europe that are edging the region ahead when it comes to embracing the digital economy,” citing the upcoming Markets in Crypto Assets (MiCA) regulations up for vote this week.

Coinbase, Andrew Griffith, and the HM Treasury did not immediately respond to Decrypt’s request for comment.

Crypto crackdown in the US

The bullishness for all things across the Atlantic comes amid a hefty crackdown on the crypto industry stateside.

Just yesterday, the SEC charged Bittrex and its CEO for operating an unregistered securities exchange. Prior to that, Coinbase was issued a Wells notice, which means the SEC formally notified the company of an impending enforcement action, over the crypto exchange’s staking products.

And, back in February, Kraken settled similar charges with the SEC and paid a $30 million fine.

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