In an attention-grabbing saga, one of the most renowned UK Government officials, Bim Afolami, has taken a stand against the overregulation of crypto across the nation’s digital assets scenery. Speaking at an event on Wednesday, May 8, the economic secretary for the nation’s Treasury cracked down on the policing of crypto, stating that regulators should ensure the crypto industry isn’t undermined due to increased regulatory scrutiny.
Afolami’s statements amid the UK government’s tightened crypto grip have garnered noteworthy attention nationwide. In an event hosted by The Financial Times, the official stressed that seamless regulation shouldn’t stifle the entrepreneurism that drives technological endeavors.
Bim Afolami Not Satisfied with UK’s Crypto Scene?
At the event, Afolami proclaimed, “This is the sort of thinking that has undermined our success in this industry,” illustrating a sense of dismay at the nation’s current regulations for crypto. Despite successive conservative governments fueling the industry alongside fintech, the crypto sector remains under the microscope due to recently emerging risks.
Notably, the Treasury official stated earlier that legal eagles within the nation are already too cautious and risk hampering innovation when it comes to the digital assets sector. “They’re not inherently better if you’re setting an unnecessarily complicated system where nobody can make any money and nobody can innovate,” Afolami added.
However, in light of recent threats emerging surrounding users exposed to this sector, the minister’s statements appear to have set off a wave of discussions.
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UK FCA Report Says Crypto Poses Highest Risk
A recent report by CoinGape Media spotlighted that the Financial Conduct Authority (FCA) pointed out the potential for exploitation in the cryptocurrency sector, particularly regarding money laundering activities. This further calls for a more scrutinized approach to crypto, contrary to Alofami’s statements.
Not long ago, the FCA ruled out a risk assessment report covering 238 firms. Concerning this report, the regulatory body proclaimed that crypto firms nationwide pose the highest risk to users.
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