UK Economic Secretary To Address Banking Access For Crypto Companies

Bim Afolami, appointed as the U.K. Economic Secretary in November, is set to engage in discussions with the Crypto and Digital Assets All-Party Parliamentary Group. This was confirmed by Jeremy Hunt, the United Kingdom’s Chancellor of the Exchequer, in response to an inquiry from Lisa Cameron, a Member of Parliament supportive of cryptocurrency. During a session in the House of Commons on December 19, Hunt announced Afolami’s readiness to discuss issues concerning digital assets, particularly focusing on licensed crypto firms’ access to banking services.

Hunt emphasized the U.K.’s position as a leading global center for cryptocurrency, particularly highlighting London’s role. He stressed the importance of regulation for the healthy growth of the market, mentioning the U.K.’s recent regulatory measures for stablecoins and the promotion of crypto services.

Afolami’s role as Economic Secretary places him at the forefront of policies impacting the adoption and regulation of digital assets and central bank digital currencies in the U.K. Prior to his current position, Afolami had interactions with representatives from Coinbase in 2022, discussing the digital asset regulatory landscape.

The U.K. government is actively working on legislation to regulate various aspects of the cryptocurrency sector. This includes laws governing stablecoins, granting authorities the ability to intervene in illicit crypto transactions, and the establishment of a digital securities sandbox for crypto firms. Moreover, Prime Minister Rishi Sunak has expressed ambitions to transform the U.K. into a technological hub, particularly in the field of artificial intelligence, with significant investments planned in computer chip technology.

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