For public confidence to return to the still-fragile sector in the wake of the FTX collapse, the UK needs to tighten its regulation of cryptocurrencies, according to Coinbase Vice President for International Policy Tom Duff Gordon in a podcast interview.
Although regulators may not always act as quickly as the government desires, Coinbase has been interacting with British lawmakers across the political divide through parliamentary groups on cryptocurrencies and other issues, according to Gordon, who also mentioned that he’s been speaking with Rachel Reeves, the head economics spokesperson for the Labour Party.
Gordon said in an episode of “Following the Rules” released on Tuesday:
“Certainly if you look at the UK for example, one way to restore confidence is to usher in and accelerate some basic regulatory guardrails.”
In spite of the gradual development, some regulators and business titans want regulation to catch up to more thorough frameworks like the European Union’s Markets in Crypto-Assets (MiCA).
“There’s an opportunity for a basic set of guardrails for crypto asset service providers where the UK takes the good bits of MiCA, which is the markets in crypto assets regulation from the EU, and builds upon those and perhaps looks to focus less on some of the parts of MiCA that are less necessary or work less well,” Gordon said.
Gordon also thinks it’s positive that MiCA defers digital asset service providers and lets them handle asset listing.
“There’s a real opportunity for the UK to bring in some sensible and proportionate rules for stablecoins and to see the sterling stablecoin market grow,” he said.
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