Bim Afolami has been appointed as the economic secretary to the Treasury of the United Kingdom, where he will have authority over policies related to digital assets and central bank digital currencies in the country. This appointment is part of a restructuring effort by the UK government. Previously, the former Economic Secretary Andrew Griffith advocated for policies to establish the UK as a prominent crypto hub and has now been appointed as the next minister of state in the Department for Science, Innovation, and Technology. CryptoUK, a self-regulatory trade association, plans to brief Afolami on the potential contributions of cryptocurrencies to the UK economy and the challenges faced by the sector. The UK government has been implementing new regulations for the crypto industry, including requirements for registration, approval of marketing materials, and clear warnings to customers about the risks associated with crypto investments. Leading crypto exchanges like Coinbase, Revolut, and Binance have updated their applications to comply with these regulations. The Financial Conduct Authority (FCA) has identified issues in the marketing of cryptoassets and has issued alerts against firms suspected of illegally promoting them.
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