UK MP Vows to Reshape Crypto Space: What Can We Expect?


On Monday, Bim Afolami was appointed as the Economic Secretary to the Treasury of the United Kingdom, taking over from Andrew Griffith. His role includes overseeing policy related to central bank digital currency (CBDC) and cryptocurrency.

Andrew Griffith had not been a strong supporter of the cryptocurrency industry. In a debate hosted by the cross-party Crypto and Digital Assets All Parliamentary Group (APPG), he stated that the government had no plans to appoint a ‘crypto tsar.’ He also contributed to the passage of the Financial Services and Markets Bill, which increased regulatory authority over cryptocurrency.

By contrast, Bim Afolami has shown great interest in the progress and development of cryptocurrency. He held a meeting with prominent Coinbase team members to discuss financial services regulation and published a blog urging the government to handle its regulators. Additionally, he believes that regulators should be judged with an interest in emergent technologies and innovation-based outcomes.

We can hope that the replacement of Griffith by Afolami will result in a better regulatory framework for the cryptocurrency environment, making the U.K. a perfect place for cryptocurrency businesses and startups to grow.

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