Nevertheless, crypto’s proponents say that the industry has matured a great deal in the wake of the collapse of FTX and numerous other scandals. They say it can become part of everyday payments and trading in a way that is legitimate. For its part, the U.K. has been working to develop legislation that would regulate retail trading in crypto assets. The Financial Services and Markets Bill is one example of legislation that already includes some provisions on cryptocurrency. That specific law aims to bring crypto assets into the regulatory fold. But it is not a comprehensive law addressing crypto through tailored laws. In an interview with CNBC’s Arjun Kharpal, Economic Secretary to the Treasury Andrew Griffith said the U.K. could pass a crypto-specific law by April 2024. Jurisdictions around the world from Dubai to Singapore have been trying to position themselves as crypto-friendly places to encourage firms to set up shop there. The U.S., meanwhile, has taken a hard line on cryptocurrency firms with its regulators stepping up enforcement action against companies. Armstrong suggested that the U.K. government should take heed of Chase UK’s move to ban crypto payments — though he acknowledged the country’s ambition to become a “Web3 and crypto hub.” “The government in the U.K. through [U.K. PM] Rishi Sunak and Andrew Griffith the city minister in London have it made clear they want to make the U.K. a Web3 and crypto hub,” Armstrong said. “They are trying to attract businesses there. I was disappointed to see Chase UK’s stance on that. I hope that was a misunderstanding that will be clarified in the coming weeks.” WATCH: Coinbase CEO joins entrepreneurs on Capitol Hill to push for clear crypto rules: CNBC Crypto World
Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests government should act
