Cryptocurrency exchange Coinbase would consider moving its HQ to the UK if its home market in the US does not produce improved regulatory clarity within the industry.
CEO and co-founder Brian Armstrong told the 2023 Innovate Finance Global Summit that 鈥渁nything is on the table here鈥� due to the situation.
鈥淭he UK is our second-largest market in terms of revenue. We’re founded in the US, and I think the US has the potential to be an important market in crypto 鈥� but right now, we鈥檙e not seeing the regulatory clarity we need,鈥� he told the flagship event of UK FinTech Week.
鈥淚f a number of years go by where we don’t see regulatory clarity emerge in the US, we may have to consider investing more elsewhere and relocating wherever is necessary.鈥�
Earlier this week he met UK Economic Secretary Andrew Griffith to discuss regulation, tweeting afterwards: 鈥淭he UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection. Excited to keep investing in the UK.鈥�
He raised the issue of banks blocking people from investing into crypto – saying it is likely unlawful – and rules around finance promotion which he claims are harmful to 鈥渞eal world use cases, formation of capital markets, and consumers鈥�.
Meanwhile Griffith told CNBC that the UK could have digital asset regulation within 12 months, citing Brexit as an enabling factor.
鈥淲e鈥檝e got this great asset鈥� control back of a rule book – not something the UK has had for decades – so we鈥檝e got the ability to move in an agile and proportionate way,鈥� he said.
鈥淲herever possible we want to see the same asset regulated in the same way [as other financial services], but there are some additional opportunities in the crypto asset or distributed ledger space and we want to take advantage of that.鈥�
Griffith said fiat-backed cryptocurrencies will come 鈥渆ven sooner than the broader regulatory framework鈥�, but the proposed central bank digital currency will not arrive in the next year.
Cryptocurrency shorts
Crypto exchange Kraken has secured a virtual asset service provider licence from the Central Bank of Ireland to operate in the country. It says this shows its robust compliance with anti-money laundering and terrorism financing rules.
Unchained, a financial services provider for Bitcoin holders, has raised $60 million in Series B funding led by Valor Equity Partners.
Bitstack, a bitcoin savings app based in France, has raised $2.1m from Founders Future, Y Combinator and Kima Ventures.
Former US President Donald Trump has launched a second round of NFT trading cards after making $3.76 million from the first drop. Also priced at $99 and featuring Trump鈥檚 likeness, they generated more than $100,000 in the first 24 hours – but caused the floor price of the first collection to drop more than 60%. 鈥淚 could have raised the price MUCH HIGHER, I believe it still would have sold well, with a lot more money coming to me, but I didn鈥檛 choose to do so. I WILL BE GIVEN NO 鈥楴ICE GUY鈥� CREDIT?鈥� he said.
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Crypto prices
The overall market cap of the 23,400 coins is at $1.28 trillion at the time of writing (7am UK), a 1.3% increase in the last 24 hours.
For round-ups of recent cryptocurrency news developments,聽click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.