In the Treasury, UK’s Economic Secretary, Andrew Griffith, thinks crypto and artificial intelligence (AI) are key for London. He sees London as a fair player regulating crypto assets, AI, and new technologies. Under the lead of UK Prime Minister Rishi Sunak, blockchain and crypto methods are inching forward.
In Bloomberg’s business podcast ‘In the City,’ Andrew Griffith, Economic Secretary to the Treasury, emphasized the growing significance of crypto and artificial intelligence (AI) for London.
“It seems to me that it aligns well with our existing strengths in areas like technology, payments, and clearance,” Griffith expressed. While in New York, he engaged with investors, illustrating how London is evolving into a central hub for cryptocurrency and AI.
This move is in line with the initiatives led by UK Prime Minister Rishi Sunak to attract cryptocurrency and AI companies to the British capital.
London’s Regulatory Landscape: Navigating Crypto & AI Frontiers
Moreover, Griffith describes London as a fair mediator in regulating crypto assets, artificial intelligence, and other emerging fields. He emphasizes that while more dynamic regulatory frameworks may be elsewhere, they may need to improve London’s quality and trust attributes.
The UK government has progressed in regulating various crypto assets and digital assets using the powers granted by FSMA 2023. However, the Bank of England (BOE) has outlined its strategy for regulating stablecoins and cryptocurrencies in response to these developments.
Regarding his agenda leading up to the next election, Griffith characterizes it as a collection of incremental improvements. This involves initiatives to channel more savings into unlisted assets such as private equity and construction projects.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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