Coinbase or promuove anche la regolamentazione crypto in the UK

It’s official: the lobby created by Coinbase to promote favorable regulation of cryptocurrencies is also expanding its activities to the UK.

Coinbase itself stated this in a statement released last Friday.

Coinbase: Cryptocurrency Regulation Expanded in the UK

The UK is absolutely one of the largest domestic cryptocurrency markets in Europe.

Moreover, while European Union countries have already adopted detailed regulations on cryptocurrency markets, MiCA, the UK is still a long way from doing so.

There have been attempts to regulate cryptocurrencies in the UK, but they have not yielded particularly interesting results.

For this reason, there is still a lot to do in this matter, and therefore, there is also a lot of room for maneuver.

Coinbase started a campaign promoting favorable cryptocurrency regulations in the US some time ago, and this campaign, called Stand with Crypto, later evolved into an association that, for all intents and purposes, acts as a political lobby in the US.

Now the Stand with Crypto initiative is also expanding to the UK, seeking to ensure favorable cryptocurrency regulation across all major jurisdictions in the West.

It should not be forgotten that the British financial market is absolutely one of the most important in Europe, and the London Stock Exchange is second only to Euronext on the Old Continent.

Coinbase initiative to regulate cryptocurrencies in the UK

Coinbase’s statement said Stand with Crypto unites cryptocurrency advocates around the world to promote sound cryptocurrency innovation and policy.

In the US, the movement has reached over 700,000 members, while the UK is the second largest market for Coinbase after the US, with over 6 million cryptocurrency holders.

Stand with Crypto focuses on mobilizing the crypto community to engage directly in the legislative process, and in the UK it will shine a spotlight on web3 entrepreneurs who are building their businesses on blockchain.

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Coinbase says policymakers want to better understand the opportunities this new technology offers, and it’s up to the cryptocurrency industry to better explain its utility and societal benefits.

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Event in London

Early last week, Stand with Crypto hosted a launch event in London, held at the UK Parliament, hosted by former Chancellor of the Exchequer and current member of the Coinbase Global Advisory Board, George Osborne.

The event was attended by, among others, the ministerial representation of the Department of Business and Labor frontbench team, which gathered approximately 100 entrepreneurs, investors, scientists and media dealing with web3.

Coinbase says the success of this launch event marks a key moment in Stand with Crypto’s UK expansion and that its impact on the UK crypto landscape will be profound.

What’s more, in the UK, Manchester already has a thriving web3 ecosystem, so much so that the movement will expand to other UK cities in the coming months.

Cryptocurrency

The event featured two-minute presentations on the activities of various British crypto companies.

WeaverLabs, a company that builds a decentralized physical network for the telecommunications industry, intervened in the world of telecommunications. The initiative was born in the 5G innovation labs at King’s College London and has already worked with Transport for Greater Manchester and Liverpool.

In the advertising sector, Aklimi, a decentralized advertising exchange, intervened in its mission to ensure the future of the advertising-funded Internet.

Alkimi has writers such as AWS, Coca Cola, Cathay Pacific and Meta, as well as editors such as News UK, Immediate Media and Conde Nast.

Their platform was created by advertising veterans, including CEO Ben Putley, and consists of a vertical application built on Ethereum specifically for the advertising ecosystem to efficiently match brands and consumer goals.

For the e-commerce sector, KnownOrigin, a digital art NFT marketplace with a trading volume of over $50 million on Ethereum, intervened.

The company was founded in Manchester by Andy Gray in 2018 and was one of the pioneering NFT platforms that allowed creators and collectors to monetize their work. In 2022, it was acquired by eBay.

Intervening in the technology sector was Arcube, whose software helps airlines better use data from loyalty programs to improve loyalty and engagement.

Co-founded by final-year University of Manchester students Harvey Lowe and Prithveesh Reddy, it experimented with its tokenized loyalty program with 1,300 Etihad Airways customers for two years and increased its loyalty program revenue by 10%.