The UK has appointed Emma Reynolds as its new Economic Secretary, tasked with overseeing the country’s crypto regulatory efforts and shaping its digital asset plans.
UK Appoints Emma Reynolds as Economic Secretary to Oversee Crypto
The United Kingdom has appointed Emma Reynolds, a former Parliamentary secretary at the Treasury, as its new Economic Secretary. This appointment comes after Tulip Siddiq’s resignation due to mounting pressure regarding an anti-corruption investigation in Bangladesh.
The Role of Crypto Oversight
Reynolds will oversee digital assets and central bank digital currencies alongside the broader financial sector. However, it is unclear what specific actions she will take to shape the country’s crypto plans. The Financial Conduct Authority has already outlined its agenda for a new crypto regime.
Background on Siddiq’s Resignation
Siddiq resigned due to allegations of family embezzlement in Bangladesh. Her aunt, Sheikh Hasina, was the former Prime Minister of Bangladesh. An investigation found that Siddiq had not breached the ministerial code but felt it would be a distraction to continue her work.
Industry Reaction to Reynolds’ Appointment
CryptoUK, a trade body, has welcomed Reynolds’ appointment, stating they have a long-term working relationship with the U.K. government. The group’s managing director previously discussed the benefits of being a second mover in the European Union and learning from it.
Regulatory Plans Ahead
The U.K.’s new government plans to follow the regulatory plans set by its predecessor. Crypto and stablecoin legislation are expected to be released early this year, with many countries watching the U.K.’s progress on regulating the crypto sector.
