Economic Secretary Open to Crypto Talks as UK Pushes for Regulatory Clarity
Summary:
UK Finance Minister Jeremy Hunt states that Economic Secretary Bim Afolami is open to discussing digital asset issues in the country, responding to a query from crypto-supporting parliament member Lisa Cameron. As the UK becomes a global hub for cryptocurrencies, Hunt emphasizes the necessity of regulatory measures for market growth. These include the regulation of stablecoins and other crypto services. Afolami, since his appointment in November, has engaged in discussions with crypto firms about digital asset regulation. Legislation advancements include granting authorities power to confiscate cryptocurrencies for illegal transactions and establishing a digital securities sandbox for crypto firms.
UK's Finance Minister, Jeremy Hunt, stated that Bim Afolami, the Economic Secretary, is open to discussions concerning digital assets in the country. During a session in the House of Commons on December 19th, Hunt responded to crypto-supportive parliament member Lisa Cameron's inquiry about the Finance Minister's willingness to discuss banking access for licensed crypto companies. Hunt confirmed Afolami's readiness to converse with the Crypto and Digital Assets All-Party Parliamentary Group.
Hunt expressed that the UK, especially London, has emerged as a global hub for cryptocurrencies. However, for the market to properly flourish as intended, regulation is crucial. He highlighted the introduction of regulations for stablecoins and the promotion of crypto services in supporting this cause.
Economic Secretary Afolami assumed his role in government in November, taking on the responsibility for numerous policies shaping digital assets and central bank digital currencies' adoption in the UK. Prior to his appointment, Afolami had engaged in discussions with representatives from the cryptocurrency exchange Coinbase in 2022 to deliberate about digital assets regulation.
The UK government officials have initiated several legislative measures to regulate stablecoins, grant authorities the power to seize cryptocurrencies used for illegal transactions, and establish a digital securities sandbox for crypto firms. Additionally, Prime Minister Rishi Sunak is devising plans to make the UK a hotspot for artificial intelligence technology, earmarking an estimated $130 million for the procurement of computer chips.
Published At
12/20/2023 12:15:19 AM
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