UK Economic Secretary discusses banking access for crypto companies
Jeremy Hunt, who serves as the Chancellor of the United Kingdom's Foreign Office, said that Economic Secretary Bhim Afolami “will be very happy to meet” and discuss issues related to digital assets in the country.
On December 19, at a UK Chamber of Commerce session, Hunt tabled a question from pro-crypto MP Lisa Cameron, asking whether the finance minister would be willing to discuss bank access to licensed crypto companies. Hunt said Afolami would be available to talk to the Crypto and Digital Assets All-Party Parliamentary Group.
“The United Kingdom, and London in particular, has become a global crypto hub, but we have to make sure that the market can be regulated in the way it is supposed to – in a responsible way – and that's why we” introduced regulations for stablecoins to promote crypto services.
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Afolami joined the UK government in November as economy secretary, leading a number of policies affecting the adoption of digital assets and central bank digital currencies in the country. Before his appointment, he met with representatives of the cryptocurrency exchange Coinbase in 2022 to discuss the regulatory environment of digital assets.
Officials in the UK government have moved forward with a piece of legislation to regulate stablecoins, empowering authorities to seize crypto uses for illegal transactions and establishing a sandbox for digital securities of crypto companies. Prime Minister Rishi Sunak also plans to make the UK a center for artificial intelligence technology, investing around $130 million in computer chips.
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