UK Treasury Official Calls for Balanced Crypto Regulation
In the face of political shifts, UK Economic Secretary to the Treasury, Bim Afolami, has urged for the prompt enactment of new stablecoin and staking regulations. Despite the upcoming general election, Afolami is optimistic about the legislationâs imminent passage, emphasizing the need for stability and security in the cryptocurrency sector.
Afolami has expressed concerns over the current stringent regulatory framework, cautioning that it may hinder the industryâs innovative potential. He advocates for regulatory agility to match the rapid technological progress and the dynamic nature of the crypto market.
With the general election on the horizon, time is of the essence. The government is prioritizing the passage of secondary legislation for stablecoins and staking. At the Financial Times Crypto and Digital Asset Summit, Afolami highlighted the urgency of these measures.
Looking ahead, Afolami aims to outline the governmentâs comprehensive crypto strategy post-election. The Conservatives are under pressure to deliver on their crypto promises swiftly. Afolamiâs statements underscore the UKâs ambition to become a global crypto leader, regardless of political uncertainties.