Brian Armstrong, CEO of Coinbase, thinks that China will profit from the restrictive policy of the USA towards cryptoassets!

The CEO of the Coinbase crypto exchange, Brian Armstrong stated that it will
China surpasses the United States of America on the map of digital assets, primarily from a misguided approach to cryptocurrency regulation by his compatriots.

According to Armstrong, the current regulatory system requires cryptocurrency innovation which are adopted abroad, such as the People’s Republic of China. Strict approach and lack of dialogue will have to pay for future generations, he believes Armstrong.

Armstrong’s criticisms related to the policy of American regulators in this regard cryptocurrencies, where he detailed the counterproductive effects they can have cause. In a recent op-ed, Armstrong explains that companies, although they repeatedly asked the regulator to offer clear legal norms and regulations in regarding crypto assets, ignored.

Countries like the United Kingdom, the United Arab Emirates, Brazil, Japan, the European Union, Australia and Singapore are currently drafting legal regulations and regulatory rules to become centers of the crypto industry and attract companies and investors. The countries of the European Union have already accepted the MiCA regulation, which will bring many unregulated relationships under legal norms, which will protect companies, but also investors. However, according to Armstrong, China will be one of the countries that will benefit the most from this United States anti-crypto policy.

In addition, Armstrong emphasized the importance of retaining capital for the business and for the development of crypto-currency corporations in the United States, which should be achieved precisely by adopting comprehensive and concise regulations designed to encourage the adoption and development of digital assets.

In his view, the crypto industry has the potential to play a significant role role in stimulating the American economy, and in promoting democratic values around the world. In conclusion, he stated that this is an ideal moment for making clear rules, because at times there is less activity, and lower prices cryptocurrencies more easily accept changes and follow the decisions of other legislators.

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