A discussion about crypto firms getting access to banks ensued in the UK parliament, where the finance minister assured the government would pursue the matter.
Lisa Cameron, one of the many UK lawmakers who support crypto, recently fielded a question to Chancellor of the Exchequer Jeremy Hunt. The question revolved around crypto firms and their access to banking in the country. The minister affirmed his positivity on the issue and further conveyed assurances. According to Hunt, Economic Secretary Bim Afolami would take up the issues concerning the crypto firms.
Jeremy Hunt said, “The UK, 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.”
Moreover, the minister noted Afolami would talk to the Crypto and Digital Assets All-Party Parliamentary Group regarding the firms. The discussions on crypto ensued in the parliament against the backdrop of a digital securities sandbox in the country, starting in January 2024. The Bank of England and the Financial Conduct Authority would be leading it.
UK’s efforts for crypto adoption seem to have paid off with a few developments in the country. For instance, the UK claimed the top spot for crypto adoption and activity in Europe in a new survey. The government’s policies providing a stable regulatory environment to crypto have likely helped the change.
UK lawmakers also caused a stir for crypto regulation in May 2023 when a committee report strongly advocated it. Insiders from the crypto industry also supported the report, leading to multiple new rules in the country in 2023. The report mentioned the benefits of crypto and its potential post-regulation.
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