The UK government has appointed Emma Reynolds as the new Economic Secretary to oversee central bank digital assets and digital currencies, alongside the wider financial sector.
The appointment was announced on Tuesday following the resignation of Tulip Siddiq, who outlined the government’s crypto agenda a few weeks ago.
It is not yet clear what effect the appointment of Reynolds, the former Parliamentary Secretary to the Treasury, will have on the country’s crypto projects. However, the Financial Conduct Authority has already set out its agenda for a new crypto regime.
Reynolds previously worked at TheCityUK, a trade body, as chief executive and, during a discussion on a 2022 bill, said there were benefits to the UK being a second country joins the European Union and draws lessons from it.
“CryptoUK and its members have a long-term working relationship with the UK government and as such we welcome the appointment of Emma Reynolds as the city’s new minister,” a spokesperson for the group said. CryptoUK pressure.
Siddiq, the former secretary, resigned on Tuesday amid growing pressure over an anti-corruption probe in Bangladesh. Siddiq, whose aunt was former Bangladesh Prime Minister Sheikh Hasina, has been named in an investigation into allegations her family embezzled funds.
In a letter, Siddiq said she spoke to the independent adviser on ministerial standards, Sir Laurie Magnus, where she was able to share full details of her finances and living arrangements. Magnus had found that Siddiq had “not breached the ministerial code”, his letter said.
However, continuing her work would be a distraction for the government, she said.
Siddiq had just announced that the new British government, led by the Labor Party, would continue to follow the regulatory plans established by its predecessor, the Conservative Party. Crypto and stablecoin legislation is expected to be released early this year.
Many are looking to the United Kingdom to take steps to regulate the crypto sector as other major countries like the European Union install their crypto regimes and the United States waits for pro-prohibition Donald Trump to cryptography, begins his presidency next week.
