An April 17 report captured by Sky News revealed that the UK Treasury plans to restore the Asset Management Taskforce (AMT) operation to expedite the development of cryptos. In the submission, the HM Treasury stated that the AMT team would work closely with key players in the private sector to formulate crypto regulations.
In support of the ongoing developments in the crypto space, the American trading platform Coinbase has confirmed to support the UK and Europe in stimulating the growth of digital assets.
Role of the Asset Management Taskforce
Coinbase chief executive Brian Armstrong acknowledged the commendable efforts made by European regulators. Armstrong plans to host a presentation at the May 17 Fintech conference in London.
An overview of the presentation shows that Armstrong will elaborate on nine recommendations to position the UK Web3 project at a competitive edge. He intends to discuss strategies to improve the relationship between traditional banking and the fintech sector.
Armstrong argued that the UK financial sector requires a cross-departmental technique that will boost technological developments and digitize the economy. This strategy works if the regulators redefine the crypto regulatory framework.
He stated that the new crypto regulation should mention the crypto taxation methods and conditions. Also, Armstrong restated that the crypto regulatory framework should outline the procedures for implementing decentralized IDs.
Strategies to Revive Asset Management Taskforce
In light of the April 17 report, the UK plans to implement the Markets in Crypto Assets (MiCA) regulation this week. The launching of the MiCA regulation obliges the EU regulators to adopt new licensing for the 27 states in the Eurozone.
The MiCA regulation positions the European bloc ahead of other pro-crypto countries pushing for the mass adoption of digital currency. Also, Europe will be able to cope with emerging economies.
The exceptional regulatory reforms in Europe inspired Armstrong to converse with British politician Andrew Griffit. Previously, Griffit and Armstrong debated the effect of the de-banking of crypto firms in the UK. They also analyzed the financial promotion rules that were launched on February 8.
Upon reviewing the UK regulation, the Treasury tasked Griffit with advisory duties to support restoring the operation of the Asset Management Taskforce. The AMT has been operational since 2017 and was established to bridge the gap between the government and the crypto sector.
Undeniably, the attempt to address challenges battling the UK’s finance sector necessitated AMT to work with the Financial Conduct Authority (FCA) and private Fintech companies.
However, for an unknown reason, the operation of AMT has been on a go-slow for years.
In the Sky News, April 17 report, the UK watchdog agencies will discuss this week with other governmental institutions unique ways to improve the performance of crypto assets. Also, the UK government plans to invest in innovation to establish a secure jurisdiction for cryptos.
Griffit was pleased to announce that the UK will utilize blockchain and tokenomics technologies to cope with the ever-evolving financial sector.