Emma Reynolds to become UK Cryptocurator
Date: 2025-01-16 Author: Gabriel Deangelo Categories: IN WORLD
Emma Reynolds, previously Parliamentary Secretary to the Treasury, has been appointed as economic secretary following the resignation of Tulip Siddiq. Siddiq, who represents the Hampstead and Highgate constituency, stepped down in a letter to the Prime Minister citing personal reasons.
In her new role, Reynolds will be tasked with tackling key issues around cryptocurrency regulation. She will also be responsible for developing plans for a central bank digital currency.
Reynolds’ appointment comes as the government has stepped up its efforts to tighten its grip on the crypto industry. In recent years, the country has been on a path to tightening regulations in an effort to become a global hub for digital asset innovation.
UK financial regulators such as the Financial Conduct Authority have recently taken a more supportive stance towards the crypto industry, which contrasts with the approach in the United States. In particular, under Gary Gensler’s chairmanship of the SEC, regulation in the US was aimed at tougher measures. However, with the new SEC leadership taking office under the Donald Trump administration, which will be inaugurated on January 20, changes are expected.
As previously noted in crypto.news, the SEC is set to abandon its “regulation through enforcement” strategy and suspend some ongoing non-fraud cases.
While Reynolds’ influence on UK crypto policy remains in question, the overall mood in the country suggests a desire to remain competitive amid the global rise in digital asset adoption.
It is worth noting that in December 2024, the Markets in Crypto Assets (MiCA) rules came into force in the European Union, providing more clarity for market participants and opening up opportunities for business expansion in the region.
As for the UK, the finalization of the cryptocurrency and stablecoin legislation is expected in early 2025.
