The economic secretary for the country’s Treasury aimed at the regulation of cryptocurrencies during a speech on Wednesday, May 8. He said that regulators should make sure that the business isn’t damaged by heightened oversight.
Afolami’s views amid the UK government’s tightening crypto grip have gained remarkable attention nationwide. At an event held by The Financial Times, the official emphasized that smooth regulation shouldn’t impede the entrepreneurship that propels technology endeavours.
Bim Afolami, are you unsatisfied with the crypto scene in the UK?
“This is the kind of thinking that has undermined our success in this industry,” Afolami declared at the event, expressing her dismay at the country’s current crypto regulations. Even if fintech and the crypto industry have been supported by conservative administrations in the past, the sector is nevertheless being watched because of newly identified concerns.
UK FCA Report: Cryptocurrency Poses the Highest Danger
According to a recent report published by CoinGape Media, the Financial Conduct Authority (FCA) has highlighted the potential for exploitation in the cryptocurrency sector, particularly with regard to money laundering activities. This also supports the need for a closer examination of cryptocurrencies, in contrast to what Alofami has said.
A short while back, the FCA rejected a risk assessment report that included 238 companies. The regulatory agency declared that crypto companies across the country represent the most significant risk to users in this report.
