A senior British government official claimed a clearer crypto regulatory regime for UK digital assets could help the country’s payments industry remain globally competitive.
At the Innovate Finance Global Summit (IFGS) 2024, a UK government official spoke extensively on crypto. Bim Afolami, the UK Economic Secretary, spoke on the need to improve the country’s payment sector. He believed that better regulations for UK digital assets could achieve this. He mentioned crypto assets and stablecoins that needed a crypto regulatory overhaul.
Stressing the need for crypto regulations, Afolami said, “Speaking of true change, I know that the cornerstone of our position as a world leader in fintech is the delivery of our regulatory regime for crypto assets and stablecoins.” He noted how the UK Treasury would likely present new crypto regulations by July this year.
The government official stated that innovation in crypto assets was important, in addition to research in fiat payments. He also mentioned the UK government’s stance on balancing consumer protection and industry innovation. Further, he described how the government was working towards making proposals for crypto regulations in 2024.
According to Afolami, crypto asset activities like staking, custody, and others will come within regulations. Early in 2024, Afolami was also vocal about a UK stablecoin law, which he claimed the government would soon pass. If all such plans of the UK government become a reality, crypto firms in the country will see a much better business environment.
At the same time, consultations for a digital pound are also going on in the UK. The HM Treasury and the Bank of England are spearheading the efforts. Active discussions regarding the crypto industry have also taken place in the UK Parliament.
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