{"id":84738,"date":"2023-11-15T05:09:53","date_gmt":"2023-11-15T10:09:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/uk-appoints-bim-afolami-as-economic-secretary-to-oversee-crypto-regulation\/"},"modified":"2023-11-15T05:09:54","modified_gmt":"2023-11-15T10:09:54","slug":"uk-appoints-bim-afolami-as-economic-secretary-to-oversee-crypto-regulation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84738","title":{"rendered":"UK Appoints Bim Afolami as Economic Secretary to Oversee Crypto Regulation"},"content":{"rendered":"<div>\n<figure id=\"attachment_131558\" aria-describedby=\"caption-attachment-131558\" style=\"width: 960px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-131558\" class=\"wp-caption-text\">Source: AdobeStock \/ Mary<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\"><strong>Bim Afolami<\/strong> has been appointed as the economic secretary to the Treasury of the United Kingdom, where he will have authority over policies that impact the adoption of digital assets and central bank digital currencies within the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to a\u00a0<\/span><span data-preserver-spaces=\"true\">recent announcement by the UK government<\/span><span data-preserver-spaces=\"true\">, the appointment is part of a restructuring effort involving ministers and secretaries.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under the administration of UK Prime Minister Rishi Sunak, the former Economic Secretary Andrew Griffith advocated for policies to establish the UK as a prominent crypto hub, including the introduction of stablecoins.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Griffith has now been appointed as the next minister of state in the Department for Science, Innovation, and Technology.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CryptoUK, a self-regulatory trade association, has expressed its intention to brief Afolami on the potential contributions of cryptocurrencies to the UK economy, as well as the challenges faced by the sector.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe look forward to working with new EST Bim Afolami to help realise the government\u2019s ambition to make the UK a global cryptoasset technology hub,\u201d the group said in a recent post on X (formerly Twitter).<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We look forward to working with new EST <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BimAfolami?ref_src=twsrc%5Etfw\">@BimAfolami<\/a> to help realise the government&#8217;s ambition to make the UK a global <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/cryptoasset?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptoasset<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/technology?src=hash&amp;ref_src=twsrc%5Etfw\">#technology<\/a> hub. We will brief Bim on our sector&#8217;s contributions to the UK economy &amp; ongoing challenges, including <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/financialpromotions?src=hash&amp;ref_src=twsrc%5Etfw\">#financialpromotions<\/a> &amp; <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/debanking?src=hash&amp;ref_src=twsrc%5Etfw\">#debanking<\/a>. <a rel=\"nofollow\" href=\"https:\/\/t.co\/GyEWBgawZd\">pic.twitter.com\/GyEWBgawZd<\/a><\/p>\n<p>\u2014 CryptoUK (@CryptoUKAssoc) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/CryptoUKAssoc\/status\/1724377944154411386?ref_src=twsrc%5Etfw\">November 14, 2023<\/a><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">Afolami had previously met with senior representatives from Coinbase in June 2022, during which they discussed the regulatory environment.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the time, Afolami emphasized the importance of establishing an appropriate regulatory regime for certain financial services.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">UK Government Adopts New Crypto Regulations<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The UK government has been actively addressing policies related to artificial intelligence, financial technology, and the metaverse through regulatory measures, enforcement actions, and investigations.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Back in October, the\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Financial Conduct Authority (FCA)\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">implemented some new rules pertaining to digital assets, which require crypto firms to register with the financial regulator and have their marketing materials approved by an FCA-authorized firm.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Key updates include exchanges providing clear warnings to customers about the risks associated with crypto investments.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Marketing materials must be fair, transparent, and not misleading. Additionally, a 24-hour cooling-off period for new customers is required.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the FCA extended the deadline for implementing technically challenging features like the cooling-off period until January 2024, firms are expected to adhere to the \u201ccore rules\u201d from October 8.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As\u00a0<\/span><span data-preserver-spaces=\"true\">reported<\/span><span data-preserver-spaces=\"true\">, leading crypto exchanges\u00a0<\/span><span data-preserver-spaces=\"true\">Coinbase<\/span><span data-preserver-spaces=\"true\">, Revolut, and\u00a0<\/span><span data-preserver-spaces=\"true\">Binance<\/span><span data-preserver-spaces=\"true\">\u00a0have updated their mobile and web applications to comply with the new regulations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">More recently, the FCA\u00a0<\/span><span data-preserver-spaces=\"true\">identified some recurring issues<\/span><span data-preserver-spaces=\"true\">\u00a0in the marketing of cryptoassets following the implementation of new regulations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The agency highlighted three primary problems, which include misleading claims regarding safety and security, insufficient risk warnings, and the failure to emphasize product-specific risks.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The FCA said that since the introduction of the new rules, it has issued more than 200 alerts against firms suspected of illegally promoting cryptoassets.<\/span><\/p>\n<blockquote>\n<p>\u201cSince the regime went live, we have issued 221 alerts. This list will be continually updated as we identify firms that may be illegally communicating cryptoasset promotions and are failing to engage with us constructively.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/uk-appoints-bim-afolami-as-economic-secretary-to-oversee-crypto-regulation.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Mary Bim Afolami has been appointed as the economic secretary to the Treasury of the United Kingdom, where he will have authority over policies that impact the adoption of digital assets and central bank digital currencies within the country. According to a\u00a0recent announcement by the UK government, the appointment is part of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK Appoints Bim Afolami as Economic Secretary to Oversee Crypto Regulation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Mary Bim Afolami has been appointed as the economic secretary to the Treasury of the United Kingdom, where he will have authority\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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