The Web3 sector is catching the attention of the global industry, which is now looking at Metaverse and NFTs as important overhauls to address the existing monotony in the advertising and marketing industry. As nations like Japan, Dubai and South Korea accelerate their efforts to establish themselves as Web3 hubs, the UK does not want to be left behind in adopting new age technology. Coinbase, which is among the biggest names in the crypto industry, is set to expand Web3 initiatives in the UK in the coming days.
Brian Armstrongthe CEO of crypto exchange Coinbase, will be speaking at UK Fintech Week on Tuesday, April 18. According to an official Coinbase to blogArmstrong will discuss in detail how the company plans to help the UK become an innovation hotspot for Web3 ventures.
A total of nine steps were listed by coin base on how more Web3 initiatives could identify the UK as the epicenter of their activities. These moves include UK banks collaborating with crypto projects and making blockchain part of government activities.
Clarify UK tax treatment crypto assetsplanning decentralized identification schemes and encouraging the use of stablecoins were also listed as quick ways to make the UK look like a lucrative market Web3 companies.
“We want Britain to be successful and have a huge stake in that success. With that in mind, Brian will discuss Coinbase’s vision for how the UK can boost the sector and cement its place as the innovation hub for the Web3 economy. Brian is interviewed by former Chancellor of the Exchequer George Osborne about the company’s focus on the UK,” Coinbase’s blog announced.
The crypto exchange estimates that 22 percent of UK adults currently own cryptocurrency, with 28 percent likely to buy or trade crypto in the next 12 months.
“The demand is increasing. And why not? 84% of UK adults say the global financial system unfairly favors powerful interests and 65% of UK adults agree the financial system needs fundamental changes or a complete overhaul,” the blog added, explaining, why the UK has now caught Coinbase’s attention.
The British government that legalized stablecoins last year, explored ways to empower local financial regulators with more authority over the crypto sector.
Treasury officials in the UK have done the same allegedly have worked with crypto companies and groups to draft legislation that will increase their benefits and in turn bring revenue to the country.
Meanwhile, Asian nations are making strides in the Web3 arena. Earlier this month Bitget, a Seychelles-based crypto exchange announced a US$100 million (approximately Rs.8.19 million) fund in the Asian market dedicated to Web3 developments.
Japan’s The ruling Liberal Democratic Party’s Web3 project team has released a white paper with recommendations to boost the crypto industry in the country, part of Prime Minister Fumio Kishida’s strategy to boost technology, a project dubbed Cool Japan.
The next iteration of the internet as we know it today, Web3 includes elements such as blockchain, cryptocurrencies, metaverseAnd Non-Fungible Tokens (NFTs). In contrast to the centralized and censorship-prone Web2, Web3 has greater independence from content ownership and a better transparency status.
