LONDON (Reuters) -The U.S. and Britain should make their rules for the crypto industry much clearer to prevent firms from developing in "offshore havens", the chief of U.S. crypto exchange Coinbase Global Inc, Brian Armstrong, said on Tuesday. The failure last year of the Bahamas-based FTX exchange has highlighted the importance of major economies developing clear crypto regulations, Armstrong said at a conference held by the Innovate Finance industry body. "This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the U.S. doesn’t have this, these firms are going to be built in offshore havens," Armstrong said.
Highlights
- U.S.
- and UK should make their rules for the crypto industry much clearer, says Brian Armstrong.
- Failure last year of FTX exchange highlights importance of clear crypto regulations, he says.
- Britain’s finance ministry laid out in February its first set of rules to regulate crypto in February.
- Armstrong voiced concerns over banks in Britain taking an increasingly hardline approach to customers transferring cash to crypto exchanges in an effort to stamp out fraud.
- The sector is still mostly unregulated in the United States, while some major economies such as the European Union have drafted bespoke crypto rules, but the sector still largely unregulated in Britain.
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