UK: To the crypto center – thanks to crypto finance minister?


UK Finance and Business Secretary Andrew Griffith commented on the government’s possible plans to appoint a finance minister dedicated to cryptocurrencies during the meeting on Tuesday (13 June). Recently, speculation on this topic had made the rounds.

UK: To the crypto center – thanks to crypto finance minister?

The meeting was hosted by the All Parliamentary Group (APPG) on Crypto and Digital Assets, which earlier in June called on the government to appoint an official to oversee cryptocurrency regulation. The UK Treasury has previously proposed that crypto assets be regulated as financial services. A bill on this subject is currently awaiting parliamentary approval.

Andrew Griffith, who issued a statement on the matter: «The government has no plans for a dedicated crypto chief. But as Business Secretary and as someone responsible for financial regulation in the UK, I have a duty to rightly defend the sector,” he said. Previously, Griffith had also advocated for the country to become a crypto hub.

“Does not correspond to the view of the government”

Griffith also reiterated the government’s view that cryptocurrencies should be regulated as financial services. Following the proposal by members of the UK Parliament’s Treasury Select Committee to regulate cryptocurrencies such as gambling.

“There have been suggestions from fellow MPs that crypto assets are more like gambling. I reject that, that is not the view of the government. The right regulators are financial regulators with deep expertise. And an understanding of how to ensure fair markets and how to protect consumers,” says Grifftih.

Last but not least, the Treasury Secretary also expressed his delight that venture capital giant Andreessen Horowitz (a16z) has chosen London for its first office outside the US. In Great Britain, the regulation of the crypto market has been discussed for a long time. In the meantime, this is actually being demanded by the government . Now the UK is also considering the possibility of introducing a digital currency .

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