UK Economic Secretary open to discussing digital asset firms’ access to banks
The post UK Economic Secretary open to discussing digital asset firms’ access to banks appeared on BitcoinEthereumNews.com.
In a recent session of the U.K. House of Commons, Chancellor of the Exchequer Jeremey Hunt indicated that the U.K’s new Economic Secretary Bim Afolami, who was appointed in November, would be “more than happy to meet” and discuss issues related to digital assets in the country. Hunt was responding to a question from Member of Parliament Lisa Cameron, who asked whether the finance minister was willing to meet to discuss the alleged problems licensed digital asset firms have getting access to U.K. banks. “Industry has fully supported the Prime Minister’s vision of the U.K. becoming a cryptocurrency hub, but many licensed companies are still finding it difficult to open bank accounts here, so will my right honourable friend meet with the all-party parliamentary group for digital assets and discuss what progress can be made on digital Britain?” asked Cameron. The Crypto and Digital Assets All Party Parliamentary Group (APPG) that Cameron refers to—and chairs—is a forum for parliamentarians, regulators, Government, and industry to “discuss the challenges and opportunities relating to the crypto sector and to explore the need for future regulation of the sector.” It essentially functions as a digital asset advocacy group. In his response, Hunt emphasised the U.K.’s commitment to a responsible embrace of innovation, pointing to both the progress the country had made in regulating stablecoins and the new financial promotions regime as evidence. “The U.K., 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,” said Hunt. He then gestured to Economic Secretary Afolami and said he would be available to speak with the Crypto and Digital Assets All-Party Parliamentary Group on…
Filed under: News - @ December 28, 2023 11:18 am