The banks in the UK are cutting ties with crypto firms, and those who are still working with such clients want them to produce additional documentation. 

The UK Appoints Bim Afolami to Oversee Crypto Policies

  • The UK has made significant progress in developing policies for the crypto industry in recent months.
  • Afolami replaces Andrew Griffith, who helped build the UK’s crypto space and develop policies such as the Financial Services and Markets Bill.
  • Recent reports show that crypto is the second-most popular investment asset in France.

Bim Afolami, a Member of Parliament, has been appointed economic secretary to the U.K. Treasury. In this capacity, he will oversee policies related to cryptocurrency and central bank digital currency (CBDC).

Afolami takes on the job at a time when the UK is developing policies to govern the crypto space. He replaces Andrew Griffith, who had expressed a desire for the nation to emerge as a leading player in the crypto industry. Griffith also contributed to the passage of the Financial Services and Markets Bill, which increased regulatory authority over cryptocurrency. Griffith has been moved to the next minister of state of the Department of Science, Innovation, and Technology.

Afolami is no stranger to the crypto space. He met with senior officials from the crypto exchange Coinbase in June 2022. He revealed that they talked about the regulatory landscape and that having a suitable regulatory framework for some financial services was “vitally important.”

Interestingly, the self-regulatory trade association CryptoUK plans to brief Afolami on the potential benefits of cryptocurrency for the British economy as well as other issues facing the industry.

A spokesperson for CryptoUK said in a statement:

We look forward to working with Bim Afolami as the new Economic Secretary and as the UK government continues to deliver on its ambitions of cementing the UK as a leading global hub for crypto assets and blockchain technology. We strongly believe that the right regulatory and competitive market can benefit both businesses and consumers.

It is no surprise that the UK and other nations are taking crypto regulations seriously. Prior to recent years, most regulators thought little of the crypto sector. However, the crypto market has emerged as a new powerhouse of the global economy.

Recent reports revealed that cryptocurrency is the second most popular investment asset in France among the adult population. The report, which was released by the Autorité des Marchés Financiers, France’s financial regulator, shows that 9.4% of French people own cryptocurrency, which is only slightly less than those who own real estate funds (10.7%), the most common category of investment asset.

The report further shows that the majority of new investors since the COVID-19 pandemic are male. France seeks to attain a leadership position within the European crypto market. In addition, several companies are moving to France thanks to its clearly defined policies for the industry.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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