Why Lack of Regulation is the Biggest Problem For Cryptocurrency – Coinbase UK CEO

Why Lack of Regulation is the Biggest Problem For Cryptocurrency – Coinbase UK CEO

Zeeshan Feroz, President of Coinbase UK, talked with CCN as of late about the ongoing advancements in the digital money trade industry and the space overall.

Feroz has been with Coinbase since February 2017 and takes note of that the UK is the organization’s quickest developing business sector. In the wake of opening a London office in Spring of a year ago the organization developed the group and presented new activities like anchoring an e-cash permit from the FCA and including Sterling help for UK clients, something Feroz says has been on the cards for some time.

“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”

Feroz portrays the organization mission as setting up an open money related framework to realize financial flexibility, development, effectiveness, and balance of chance.

“We believe cryptocurrency will help achieve this. As a business, our priorities are to be the most trusted and easiest to use crypto exchange in the world – and our recent initiatives, especially in Europe, have demonstrated that. Over the coming years, we’ll continue to evangelise about the benefits of crypto and drive greater uptake in the use of crypto among both individuals and institutional investors.”

Remarking on the ongoing option of ethereum exemplary, Feroz just said that a standout amongst the most widely recognized client demands at Coinbase is the option of more resources on the stage, subsequently the move to empower exchanging of And so on, including: “However, this is only the start and we are exploring a number of other assets to add to the platform in the near future.”

He had more to say when asked in regards to the solid rivalry from developing trades, for example, Robinhood and what Coinbase brings to the table as far as UX over contenders.

“In terms of our UK customers, Coinbase is the first crypto exchange to have a UK bank account. This, coupled with faster payments, has allowed us to become the only exchange currently supporting GBP making payments faster on Coinbase than any other platform. Making crypto easier to use, trade and spend is key for us when it comes to improving the user experience. For instance, the launch of e-gift cards has allowed customers to spend their crypto balances more easily, realising its value to buy tangible things or experiences.

“We are a crypto first business and what sets us apart is our focus on trust and security. The FCA e-money license for our fiat operations demonstrates our commitment to ensuring that customer funds are always secure, and we now have safeguards and operational standards that are on par with those of other regulated financial institutions. This means Coinbase is not only the easiest crypto exchange to use – but the safest too.”

CCN completed the meeting on the subject of control and the exertion by Coinbase to list tokens classed as securities.

“Some tokens maybe considered securities and classifying them as such brings them within scope of regulation. This is the best way to provide individuals and institutions a safe environment to invest in them. The main challenge facing the crypto space at the moment in the lack of regulation, which leads to risk. We see the value in having some form of regulation for crypto exchanges as a means of ensuring due diligence and transparency in the crypto space.”

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