The Economic Secretary of the UK will discuss the banking access for crypto firms

Jeremy Hunt, the Chancellor of the Exchequer in the United Kingdom, announced that Economic Secretary Bim Afolami would be ‘more than happy to meet’ to discuss issues related to digital assets in the country.

The Economic Secretary of the UK will discuss the banking access for crypto firms

During a session in the U.K. House of Commons on December 19, Hunt responded to a question from pro-crypto Member of Parliament Lisa Cameron, who inquired about the finance minister’s willingness to meet and discuss the access of licensed crypto firms to banking services. Hunt assured that Afolami would be available for discussions with the Crypto and Digital Assets All-Party Parliamentary Group.

Highlighting London’s position as a global crypto hub, Hunt emphasized the need for responsible regulation to ensure the market’s intended growth. He mentioned the introduction of regulations for stablecoins and the promotion of crypto services as part of the regulatory efforts in the U.K.

Discussions on crypto firms’ access to banks are on the agenda for the UK Economic Secretary

Afolami assumed the role of economic secretary for the U.K. government in November, overseeing policies influencing the adoption of digital assets and central bank digital currencies. Prior to his appointment, he engaged with representatives from the cryptocurrency exchange Coinbase in 2022 to discuss the regulatory landscape for digital assets.

The U.K. government has progressed with legislative initiatives to regulate stablecoins, granting authorities the ability to confiscate crypto involved in illicit transactions and establishing a digital securities sandbox for crypto firms. Prime Minister Rishi Sunak has also outlined plans to position the U.K. as a tech hub for artificial intelligence, allocating approximately $130 million for investments in computer chips.