Coinbase seems ready to shift focus from US to UK: Report

On Apr 19, 2023

Brian Armstrong indirectly dragged US’s unclear crypto policies and noted that other powers like UK & EU are rapidly moving toward Crypto adoption under proper & clear regulatory policies.

Coinbase is a US-based Nasdaq-listed crypto company. The services of this exchange are available in several countries, where crypto trading is allowed. Brian Armstrong is the CEO of this exchange. In March of this year, Coinbase exchange received a Wells notice from the United States Securities and Exchange Commission (SEC) over crypto staking & some particular assets trade services.

On 17 April 2023, Armstrong said that he met with Andrew Griffith, the UK’s Economic Secretary, and City Minister. He said that the UK is moving fastly toward crypto regulation with both driving economic growth & consumer protection.

Coinbase CEO said that he is excited to keep investment focus maintained toward the UK’s crypto market.

Great meeting today with UK Economic Secretary and City Minister @griffitha.

The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK. 🇬🇧 pic.twitter.com/478PQSLmDe
— Brian Armstrong (@brian_armstrong) April 17, 2023

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Armstrong also noted that some crypto companies are facing problems from the end of UK-based banks, as they are not providing banking services for crypto-related activities. Coinbase’s CEO said that it is not a good thing for the crypto companies and it can be fixed through better education & adoption push.

A few points we shared:

1. Some UK banks are blocking fiat payments to crypto companies which is not ok.
Good fraud controls make sense, a blanket ban does not (and is likely not lawful). Needs further education and collaboration.

2. The Financial Promotion regime goes too far…
— Brian Armstrong (@brian_armstrong) April 17, 2023

Coinbase co-founder also shared some interesting data about cryptocurrency ownership among UK citizens. He noted that 22% of UK adults are holding crypto assets & 28% of adults are planning to buy crypto assets in the next 12 months.

Through the blog post, the Coinbase team confirmed that the discussion also touched on the crypto tax system where Coinbase executive said that fair & clear tax rules should be registered there so that crypto investors can pay taxes with more clear rules & policies.

Many media reports noted that the latest blog by the Coinbase exchange will surely put additional pressure on the US government & policymakers to bring new rules and regulations to the US crypto sector, otherwise all the successful crypto companies will shift to other jurisdictions.