Coinbase UK exec sees "big developments" in crypto regulation by 2021

21 Jan, 2019
by David Robb
Regulation
Coinbase UK exec sees big developments in crypto regulation by 2021

A leading UK representative of Coinbase has recently given an interview to Forbes. He predicted that the space should see some major regulatory developments within the next two years, "particularly in Europe".

Marcus Hughes is the chief legal counsel for Coinbase in the UK. The country's leading financial authority, the FCA, should soon have full power of oversight over all crypto assets. It is currently conducting a consultation that may lead to a ban on the sale of crypto derivatives. 

Meanwhile, the remaining member states of the European Union (which may soon not include the UK) could adopt standardized rules and guidelines in the near future. Hughes believes this kind of clear regulation, as long as it isn't entirely prohibitive, can only be a good thing for the crypto space, or at least for centralized exchanges and brokers: "We could end up with E.U. member states creating their own crypto laws, but it's certainly possible we'll get a unified approach in Europe. It would make life for companies like Coinbase a lot easier."

Hughes believes that Bitcoin does have a bright future, and claims that it's important to focus on adoption and ignore the current speculation mindset in the market, saying that Coinbase "takes the long view" on crypto prices. Once the utility phase starts and definite regulation is in place, he would "be surprised if other traditional financial services executives didn't make the move across to the bitcoin and cryptocurrency world. As the industry matures and is better regulated it will need the talent and experience to manage it."

Read more: What happens to Bitcoin if the stock market crashes?8 long-term Bitcoin price predictions by experts

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