Kingdom

Future

United

Nexo

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">After Coinbase’s CEO Brian Armstrong met with Andrew Griffith, UK’s Economic Secretary and City Minister, on Monday, April 17th, his company <a href="https://www.coinbase.com/blog/the-uk-as-a-web3-innovation-hub" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">published a statement</a> describing the United Kingdom as a “web3 innovation hub”. In the blog post, the cryptocurrency exchange reaffirms the importance of the country, as well as the rest of the EU to its global strategy, and outlines its hopes for the future of DeFi in the region.</p> 
<h2 id="coinbase-describes-uk-as-a-web3-innovation-hub">Coinbase Describes UK as a “Web3 Innovation Hub”</h2> 
<p>After its CEO Brian Armstrong <a href="https://twitter.com/brian_armstrong/status/1648013189437595909" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">met</a> with Andrew Griffith, UK’s Economic Secretary and City Minister, Coinbase published a blog post titled “The UK as a Web3 innovation hub”. In the document, the cryptocurrency exchange explains the importance of the United Kingdom and the European Union for its strategy and makes a brief outline of its hopes for the region.</p> 
<p>According to the post, Coinbase is hoping—broadly speaking—that banks will prove willing to cooperate with FinTech companies in order to foster digital assets innovation, and that the UK will quickly create a regulatory framework that is both blockchain-friendly and ensures protection for investors. Armstrong is scheduled to talk about the plans in more detail on April 18th.</p> 
<p>The UK has been working to explore and help develop a framework for digital assets, both in the form of CBDCs and other cryptocurrencies. Last week, Bank of England’s Bailey expressed his belief that such assets <a href="https://tokenist.com/boes-bailey-banks-shouldnt-overlook-commercial-digital-money/" rel="dofollow" class="deco-link">are likely to play a crucial role</a> in the monetary system of the future. Additionally, Coinbase has already commented positively on the developments in the UK, most recently when considering where to headquarter <a href="https://tokenist.com/coinbase-may-soon-open-a-new-offshore-exchange-as-pressure-in-us-mounts/" class="deco-link">its new offshore trading firm</a>.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="coinbase-warns-us-is-driving-innovators-out">Coinbase Warns US Is Driving Innovators Out</h3> 
<p>Already at the first-ever <a href="https://tokenist.com/btc-dips-6-as-first-hearing-offers-divided-digital-assets-house-committee/" rel="dofollow" class="deco-link">hearing of the Subcommittee for Digital Assets</a>, Coinbase’s Chief Legal Officer, Paul Grewal, spoke about his concerns that the aggressive stance of regulators in the US may cause the country to lose its innovative edge. The warnings coming from the cryptocurrency exchange only became louder after it had <a href="https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">received a Wells notice</a> warning that the SEC is considering an enforcement action over the alleged offering of unregistered securities.</p> 
<p>Similar concerns have been coming both from within and from without the digital assets industry for a long time. Notably, Representative Tom Emmer <a href="https://tokenist.com/us-congressman-says-the-sec-acts-like-a-shakedown-authority-with-crypto/" rel="dofollow" class="deco-link">called the SEC a “shakedown authority”</a> when it comes to cryptocurrencies already last summer. More recently, Commissioner <a href="https://www.sec.gov/news/statement/peirce-rendering-inovation-2023-04-12" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">Hester Peirce warned</a> that her agency’s actions are scaring away innovators rather than helping them develop in a way beneficial for the country and for the investors.</p> 
<p>This Monday, the cryptocurrency exchange Bittrex also reiterated the same point in a statement it published mere hours after <a href="https://tokenist.com/regulatory-crackdown-on-crypto-exchanges-increases-as-sec-charges-bittrex/" rel="dofollow" class="deco-link">getting hit by an SEC enforcement action</a>. Furthermore, while we have yet to see a mass exodus from the US due to aggressive regulatory actions, several major companies including Bittrex and Nexo have already decided to leave the country.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think the UK is turning into the cryptocurrency hub of Europe? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/coinbase-says-uk-is-web3-innovation-hub-after-doubting-defi-future-in-us/">Coinbase Says UK is “Web3 Innovation Hub” After Doubting DeFi Future In US</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Coinbase Says UK is “Web3 Innovation Hub” After Doubting DeFi Future In US

Table of Contents

Tokenist

Other articles published on Apr 17, 2023

Cryptopia CommunityCast: Malei

Gravity Finance Launches Flagship Product Silos to Enhance DeFi Automation and Risk Management

Nike’s .Swoosh To Get Its First “Our Force 1” Airdrop on April 18th

Nike’s .Swoosh To Get Its First “Our Force 1” Airdrop on April 18th

Crypto Phishing Attacks Are on the Rise, Increased by 40% Last Year

IMF and DCMA Unveil Universal Monetary Unit to Reinforce Banking

Join our free newsletter for daily crypto updates!