The unfolding year is said to bring many changes to cryptos and an intense regulation framework is going to be one of them according to Coinbase’s lead counsel in the UK.
Just like seasons are changing along the year, some believe that Crypto Winter is eventually going to turn into the spring. Only when it comes to weather conditions we can predict it with more accuracy compared to an opaque cryptocurrency market. And hardly anyone would bet million on rainy days.
However, just like children desperately looking for the Christmas snow, investors and crypto-evangelists are holding their breath for 2019 — the year everyone assumes will bring significant changes to the industry. Yet so far the true nature of ongoing changes remains unclear. While adversaries are counting days till notorious Bitcoin will fall beneath a bottom line, major crypto-advocates do not seem to be largely disturbed by the drastic market plunge.
“Back on Track”, says Coinbase Exec
At the times when Bitcoin lost the greatest part of its before-a-collapse market value, the UK counsel of Coinbase crypto-exchange, Marcus Hughes says there is no need for panic since such a decline could reap benefits for the market in a long-term perspective. He defends his point saying:
“We need to move beyond the speculation phase of Bitcoin and cryptocurrency to the utility phase. The utility phase will mean Bitcoin and crypto becomes more widely accepted and understood.”
And by “understanding” Hughes implies nothing but more thorough regulatory overwatch. He says that at the moment crypto-pegged transactions, as well as other operations involving crypto-derivatives, are closely monitored by the E.U. financial authorities that still have little to no confidence in their trustworthiness.
Hughes says that it is a perfect chance for the E.U. financial watchdog to clear out their tense relationship with cryptos and elaborate a consistent approach to crypto-regulation. He notices that today’s Europe lacks a fair regulatory scheme that will draw an end to malign arbitrage while protecting Bitcoin and cryptocurrency investors across the bloc.
He also suggests that such a shift in the E.U. regulatory base would nurture the crypto-interest of prominent financial players including banks and institutional investors. Hughes himself stepped into the industry amidst a rigid bearish trend and until today he has not turned his back to Bitcoin and cryptos instead, he confirms checking crypto-prices on daily basis. Hughes cities it saying he shares the Coinbase long view on Bitcoin and wider cryptocurrency prices.
Coinbase Hires a New Compliance Chief for U.K. Branch
In the light of unravelled U.K.-based regulatory campaign that takes the country’s Financial Conduct Authority (FCA) investigating some 18 companies over cryptocurrency use, the Coinbase’s decision to hire a new head of compliance looks quite appropriate.
It became known that the new hire, Mark Kelly, joins the prominent crypto startup after almost five years as a director at London-based regulatory reporting firm Abide Financial. Notably that in total, he comes with over three decades of experience in compliance and auditing gained at a number of notable financial firms, including Grant Thornton, Barclays Capital and Lehman Brothers.
Considering Kelly’s merits, Coinbase has luckily gained a valuable addition to the team. Let’s hope that Coinbase will harness this opportunity to win over the minds of financial watchdog and crypto-naysayers.
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