Coinbase CEO attends global summit hosted by British Prime Minister
Global Summit Held by Prime Minister Sunak
Coinbase, a major US cryptocurrency exchange, announced on the 27th that CEO Brian Armstrong will participate in the Global Investment Summit in the UK.
The Summit is a major event held twice a year by British Chancellor Rishi Sunak for 200 global CEOs from industries such as major financial institutions and technology companies.
Coinbase said it was proud to be the “only pure digital asset platform†invited to the event. Coinbase continues:
The group was convened to discuss the role of innovation in driving human progress.
Blockchain technology and virtual currencies are among a group of new frontier technologies that have the potential to transform the global economy.
Prime Minister Sunak supports virtual currency and Web3
In the UK, Rishi Sunak, who is positive about virtual currencies, became Prime Minister in October last year, and related regulations are currently being put in place.
During his time as Chancellor of the Exchequer, Prime Minister Sunak proposed policies such as “strengthening competitiveness in the tax system†with the aim of making the UK a hub for virtual currency technology.
connection: Former Finance Minister Sunak will be appointed as the new Prime Minister of the UK, actively promoting the spread of virtual currency
In February, a reorganization of the ministries took place, with the creation of the Ministry of Science, Innovation and Technology as part of the cabinet reshuffle. It is reported that the company plans to promote the Metaverse (virtual space) and Web3 strategies as well.
connection: New UK Department for Science, Innovation and Technology to promote Web3 and Metaverse = report
What is Web3?
The current centralized web is defined as Web2, and refers to an attempt to realize a decentralized network using blockchain, etc. Typical features include use cases for decentralized networks such as blockchain, such as accessing dApps using virtual currency wallets.
Virtual currency glossary
Opinions on the state of regulation
Coinbase emphasized that the UK government has been developing regulations over the past year and a half that the industry will welcome. He added that this gave him the confidence to continue growing and investing in the UK business.
Coinbase expressed its opinion regarding the form of regulation as follows.
We understand that regulating new technologies and industries is not easy. Regulators can therefore be tempted to overextend existing rules rather than create new rules that focus on the actual risks posed by new products and services.
When the wrong rules for new technology are implemented, even reliable companies are unnecessarily prevented from providing valuable new products to their customers.
Coinbase is currently in a court battle with the Securities and Exchange Commission (SEC) in the United States, which has criticized the SEC for arbitrarily cracking down on it without providing clear guidelines. Coinbase is seeking dismissal of the SEC’s lawsuit, with oral arguments scheduled for January 2024.
connection: U.S. Coinbase resubmits counterargument in lawsuit against SEC
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