United Kingdom Economic Secretary will discuss crypto firms’ access to banks

Bim Afolami, the United Kingdom’s Economic Secretary since November, will be available to talk to the All-Party Parliamentary Group on Crypto and Digital Assets. Jeremy Hunt, the United Kingdom’s chancellor of the exchequer, stated that Economic Secretary Bim Afolami would be “more than happy to meet” and discuss issues concerning digital assets in the country. Hunt responded to a question from pro-crypto Member of Parliament Lisa Cameron in the UK House of Commons on December 19, asking if the finance minister was willing to meet to discuss licenced crypto firms‘ access to banks. Afolami would be available to speak with the Crypto and Digital Assets All-Party Parliamentary Group, according to Hunt.

“The United Kingdom and London in particular, has become the global crypto hub, but to make sure that the market really can take off in the way that was intended  in a responsible way  we need to regulate it, which is why we’ve introduced regulations for stablecoins, for promotion of crypto services,” Hunt went on to say. Afolami joined the UK government in November as economic secretary, putting him in charge of several policies affecting the country’s adoption of digital assets and central bank digital currencies. Prior to his appointment, he met with Coinbase representatives in 2022 to discuss the regulatory situation for digital assets. Officials in the United Kingdom have introduced legislation to regulate stablecoins, giving authorities the authority to freeze crypto assets used in illegal transactions and establishing a digital securities sandbox for crypto businesses. Prime Minister Rishi Sunak also intends to make the United Kingdom a hub for artificial intelligence research, investing approximately $130 million on computer chips.

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