UK think tank Policy Exchange recommends relaxing KYC requirements to strengthen UK Web3 competitiveness

Odaily星球日报 · 2023-10-09T01:03:02.000Z

Odaily Planet Daily News The British think tank Policy Exchange recently released a comprehensive report on Web3, proposing a number of recommendations aimed at strengthening the UK's Web3 competitiveness. The report believes that against the backdrop of increasing regulatory uncertainty in the United States, some large companies such as a16z, Coinbase and Fidelity have already established operations in the UK. Revolut and Gamestop are shutting down their blockchain applications in the United States to avoid issues that could upset regulators. At the moment, the UK has an opportunity to take advantage of Web3 companies leaving the US. Furthermore, Policy Exchange estimates that the UK could capture around £29bn of this volume with sensible regulation – and this assumes that sensible regulation does not stimulate further growth in the industry, which it might in fact do. This equates to an additional £10.7 billion in assets and more than 36,000 jobs. These are industries with huge potential and are growing rapidly, bringing many innovative new companies, consumer goods, high-skilled jobs and tax revenue to the UK. The report states that the UK needs to re-evaluate the Financial Conduct Authority (FCA)’s KYC requirements for cryptocurrencies and explore and develop “alternative and innovative technologies”, including on-chain identity and blockchain analysis tools, to achieve regulatory purposes. Another important recommendation is to clarify the limited legal liability of individuals in a decentralized autonomous organization (DAO).

Odaily Planet Daily News: British think tank Policy Exchange recently released a comprehensive report on Web3, proposing a number of recommendations aimed at strengthening the competitiveness of Web3 in the UK. The report believes that against the backdrop of increasing regulatory uncertainty in the United States, some large companies, such as a16z, Coinbase and Fidelity, have already set up operations in the UK. Revolut and Gamestop are shutting down their blockchain applications in the United States to avoid issues that may cause dissatisfaction among regulators. At this moment, the UK has the opportunity to take full advantage of Web3 companies leaving the United States. In addition, Policy Exchange estimates that the UK can account for about £29 billion of transactions after reasonable regulation-this also assumes that reasonable regulation will not stimulate further growth in the industry, but may actually stimulate growth. This is equivalent to an additional £10.7 billion in assets and more than 36,000 jobs. These are industries with great potential and are developing rapidly, bringing many innovative new companies, consumer products, high-skilled jobs and tax revenues to the UK. The report points out that the UK needs to re-evaluate the UK Financial Conduct Authority (FCA)'s KYC requirements for cryptocurrencies and explore and develop "alternative and innovative technologies", including on-chain identity and blockchain analysis tools to achieve regulatory purposes. Another important recommendation is to clarify the limited legal liability of individuals in decentralized autonomous organizations (DAOs).