The UK receives significant support from the private and public sectors for positioning itself as a Web3 hub.
Crypto exchange Coinbase's plans to turn the United Kingdom into a Web3 innovation hub align with the HM Treasury's reported plan to reactivate the Asset Management Taskforce.
The UK government's plans to introduce a dedicated task force were revealed in a Sky News report shared on April 17th.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Crypto Token VS Coin (Animated Explainer & Examples)
Sky News UK reported that originally, the Asset Management Taskforce was established in 2017. However, it was inactive for several years.
The blockchain dedicated taskforce aims to facilitate communication between the government, the FinTech, the crypto sectors, and the Financial Conduct Authority (FCA).
During the UK FinTech Week on April 17th, City Minister Andrew Griffith emphasized the government's focus on promoting innovation and making the UK a safe jurisdiction for crypto asset activities. In his speech, City Minister noted:
We set out plans in our wide-ranging consultation published in February, and we want to proactively support the use of distributed ledger technology and tokenization where it makes sense.
It appears that Griffith has met with crypto exchange Coinbase CEO Brian Armstrong.
The two men discussed concerns about the de-banking of some crypto firms in the UK and the implications of the 24-hour "cooling off" period for investments in financial product promotions.
Crypto exchange Coinbase expressed its commitment to working earnestly in the UK and Europe in an April 16th blog post, where it applauded the region's progressive regulatory initiatives.
It is worth noting that Coinbase CE is set to speak at a London FinTech conference, sharing nine recommendations to secure the UK's position as a Web3 hub.
Armstrong's nine recommendations for the UK government encompass crafting a cross-departmental strategy for tech innovation and economic digitization, fostering collaboration between the banking and FinTech sectors, and promptly instituting a regulatory framework for crypto. He also addressed the need for a stablecoin-friendly regulatory framework, clear tax guidelines for crypto assets, and a plan to recognize decentralized ID (DiD).
Coinbase's efforts to transform the UK into a Web3 innovation hub, combined with the Treasury's revived focus on the Asset Management Taskforce, demonstrate a shared commitment to fostering the growth and regulation of the crypto sector in the region.
However, while Coinbase is looking to venture into the UK, things overseas in the United States seem to be a bit more complicated. At the end of March, Coinbase received Wells Notice from US top security regulator.
