Coinbase to Ramp Up Web3 Initiatives in the UK as Japan, Dubai Race to Become Blockchain Hubs

The Web3 sector is catching the attention of global industries, who are now looking at metaverse and NFTs as important revamps to tackle the existing monotony in the advertising and marketing industries. While nations like Japan, Dubai, and South Korea are accelerating efforts to establish themselves as Web3 hubs, UK does not wish to be left behind in adopting the new age technology. Coinbase, which is among the biggest names in the crypto industry, will be ramping up Web3 initiatives in the UK in the coming days.

Brian Armstrong, the CEO of the Coinbase crypto exchange, is set to address the UK Fintech Week on Tuesday, April 18. As per an official Coinbase blog, Armstrong will be discussing in detail how the company intends on helping the UK become an innovation hotspot for Web3 ventures.

A total of nine steps have been listed by Coinbase on how more Web3 initiatives could decide UK as the epicentre of their activities. These steps include having British banks collaborate with crypto projects and making blockchain a part of government activities.

Providing a clarity on UK tax treatment for crypto assets, planning to bring decentralised identification systems, and promoting the usage of stablecoins have also been listed as quick ways to make UK look like a lucrative market for Web3 firms.

“We want the UK to succeed and to be a big part of that success. That's why Brian will be discussing Coinbase's vision for how the UK can turbocharge the sector and cement its place as an innovation hub for the Web3 economy. Brian will be interviewed by former Chancellor of the Exchequer George Osborne about the company's focus on the UK,” disclosed the blog by Coinbase.

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.

“Demand is increasing. And why wouldn't it? 84 percent of UK adults say the global financial system unfairly favours powerful interests and 65 percent of UK adults agree that the financial system needs major changes or a complete overhaul,” the blog added, explaining why UK has caught Coinbase's attention now.

The British government, that legalised stablecoins last year, is exploring avenues to empower local financial regulators with more authority over the crypto sector.

Finance ministry officials in the UK have also reportedly been working with crypto businesses and groups to formulate laws that elevate their performances, and, in return, bring revenues to the country.

Meanwhile, Asian nations are making strides in the Web3 arena. Earlier this month, Bitget, a Seychelles-based crypto exchange announced a fund of $100 million (roughly Rs. 819 crore) in the Asia market, dedicated to Web3 developments.

Japan's ruling Liberal Democratic Party's Web3 project team has published a white paper laying out recommendations for boosting the crypto industry in the country, which is part of Prime Minister Fumio Kishida's strategy of promoting technology, a project called "Cool Japan."

The next iteration of Internet as we know today, Web3 comprises elements like blockchain, cryptocurrencies, metaverse, and non-fungible tokens (NFTs). Unlike the centralised and censorship prone Web2, Web3 boasts more independency of content ownership as well as better transparency status.