Beam Afolami takes over UK crypto policy as new economy secretary
King Charles II has confirmed the appointment of Member of Parliament Bim Afolami as the UK Treasury's Economic Secretary.
In a November 13 announcement, the UK government said Afolami was one of several appointments in a reshuffle of ministers and secretaries. As economic secretary, he oversees many policies affecting digital assets and central bank digital currencies in the UK.
Andrew Griffiths, former economic secretary to UK Prime Minister Rishi Sunak, has proposed policies to turn the country into a crypto hub, including the introduction of a stablecoin. Griffith has been appointed as the next Minister of State at the Department for Science, Innovation and Technology.
Self-regulatory trade association CryptoUK said it plans to explain to Afolamy how crypto can contribute to the UK economy and other challenges in the sector. Afolami met with top Coinbase officials in June 2022, during which they discussed the regulatory environment and the “very important” need to have an “appropriate regulatory system” for some financial services.
“We look forward to working with Bim Afolami as the new Economy Secretary and as the UK Government continues to demonstrate its ambition to position the UK as a leading global hub for cryptoassets and blockchain technology,” said a CryptoUK spokesperson. We strongly believe that a properly regulated and competitive market can benefit both businesses and consumers.
We look forward to working with the new EST @BimAfolami to deliver on the Government's ambition to make the UK a global #cryptoasset #technology hub. We report on the contribution of our BIM sector to the UK economy and ongoing challenges, including #monetization and #debanking. pic.twitter.com/GyEWBgawZd
— CryptoUK (@CryptoUKAssoc) November 14, 2023
Related: UK approves bill to allow authorities to seize Bitcoin used for crime
The UK government has been tackling policies related to artificial intelligence, financial technology and the metaverse through regulation, enforcement actions and investigations. It comes as the latest shake-up by Prime Minister Sunak's government ahead of a UK general election expected before 2025.
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in.
