UK Economic Secretary to the Treasury Andrew Griffith believes crypto and artificial intelligence (AI) are important for London’s portfolio. He considers London as an ‘honest broker’ when it comes to regulating crypto assets, artificial intelligence, and other emerging technologies.
London is aiming to become a hub for crypto and artificial intelligence (AI), according to UK Economic Secretary to the Treasury Andrew Griffith.
He said that these technologies are increasingly important for London’s portfolio and build on its strengths in tech and payments.
In an interview with Bloomberg’s business podcast In the City, Griffith said that he met with investors and firms in New York and explained how London is improving to become a hub for crypto and AI.
He said that under the leadership of UK Prime Minister Rishi Sunak, the British capital is attracting crypto and AI companies as part of its efforts to boost innovation and growth.
Griffith also said that London is “a bit of an honest broker” when it comes to regulating crypto assets, artificial intelligence, and other emerging areas.
He said that London offers a balance between dynamism and quality and that it has a reputation for trust and transparency.
UK Government Steps Up Crypto Regulation
The UK government has taken further steps towards regulating a variety of crypto assets and other digital assets through powers granted to it under the Financial Services Act 2023.
The act allows the government to define and classify different types of crypto assets and set rules for their issuance, trading, custody, and taxation.
The Bank of England (BOE) has also released its plan to regulate stablecoins and other crypto assets that could pose a threat to financial stability.
The BOE said that it would apply the same standards and expectations to stablecoins as it does to other forms of money, such as banknotes and deposits.
Griffith’s Agenda for the Next Election
As for his agenda ahead of the next election, Griffith described it as “an aggregation of marginal gains,” including plans to push more savings into unlisted assets like private equity and building projects.
He stated that he wants to create more opportunities for people to invest in the UK economy and benefit from its growth.
