Brian Armstrong: The UK is moving fast on sensible crypto regulation
Brian Armstrong, the CEO of Coinbase, one of the largest cryptocurrency exchanges in the world, has expressed his admiration for the UK’s approach to crypto regulations and called on other countries to adopt similar frameworks.
In a blog post published on Monday, Armstrong said that he was “impressed” by the UK’s Financial Conduct Authority (FCA), which oversees the crypto industry in the country and grants licenses to compliant firms.
He also stated it in this tweet:
“The FCA has been a leader in crypto regulation, and they have created a clear and fair process for crypto businesses to operate in the UK,” Armstrong wrote. “They have also been proactive in engaging with the industry and soliciting feedback from stakeholders.”
Armstrong contrasted the UK’s crypto regulations with those of other jurisdictions, such as the US, where he said there is “a lack of clarity and coordination” among different regulators.
He argued that this creates uncertainty and confusion for crypto businesses and consumers, and hinders innovation and growth.
He also pointed out that some countries, such as China, have taken a more restrictive stance on crypto, banning transactions and mining activities. He warned that these moves could have negative consequences for the global economy and human rights.
The UK is moving fast on sensible crypto regulation
Brian Armstrong
“Crypto is not just a new technology; it is a fundamental shift in how money and value are created and transferred,” he wrote. “It has the potential to create more economic freedom, opportunity, and inclusion for billions of people around the world.”
He urged other countries to follow the UK’s example and create clear and consistent cryptographic regulations that foster innovation and protect consumers.
He also said that Coinbase is committed to working with regulators and policymakers around the world to educate them about crypto and advocate for sensible rules.
He cited Coinbase’s recent participation in a roundtable discussion with UK Prime Minister Boris Johnson and other tech leaders, where he said he shared his views on crypto and its benefits.
I believe that crypto is one of the most important innovations of our time.
Brian Armstrong
He also mentioned Coinbase‘s involvement in various industry associations and initiatives, such as CryptoUK, the Crypto Council for Innovation, the Blockchain Association, and Global Digital Finance.
He concluded his post by saying that he is optimistic about the future of crypto and its role in creating a more open and fair financial system.
“I believe that crypto is one of the most important innovations of our time, and I’m excited to see how it will shape the world in the coming years,” he wrote. “I hope that more countries will join the UK in embracing crypto and creating a level playing field for this new industry.”