ChainCatcher news, according to CoinDesk, the UK government has appointed Emma Reynolds to replace Tulip Siddiq, who resigned due to a corruption scandal, as the new Chancellor of the Exchequer. She will be responsible for overseeing digital assets, central bank digital currencies (CBDC), and broader financial sector matters.

ChainCatcher news, according to CoinDesk, UK Economic Secretary Bim Afolami stated on Wednesday that the current UK government will implement stablecoin and staking legislation in the coming weeks.It is reported that the general election is expected to be held in the second half of this year, leaving the ruling Conservative Party with little time to implement all the cryptocurrency measures they promised. Afolami mentioned last month that the government plans to introduce new laws regarding stablecoins, staking, and cryptocurrency custody and exchanges before July.

ChainCatcher news, UK Chancellor Bim Afolami stated that the UK will introduce new legislation regarding stablecoins as well as cryptocurrency staking, trading, and custody before June or July of this year. The Conservative-led government expressed its desire to make the UK a global cryptocurrency hub and passed legislation last year recognizing cryptocurrencies and stablecoins as regulated financial activities in the country.

ChainCatcher news, according to CoinDesk, MP Bim Afolami was appointed as the UK's Economic Secretary to the Treasury on Monday, responsible for cryptocurrency and central bank digital currency (CBDC) policy. Afolami succeeds Andrew Griffith, who had stated that despite the collapse of the cryptocurrency exchange FTX, he still hoped the UK would become a cryptocurrency hub.During Griffith's tenure, he also helped pass the Financial Services and Markets Bill, which granted regulators more power over cryptocurrencies. Last year, Afolami met with executives from Coinbase to discuss issues related to the financial services environment. He wrote on the website: "It is crucial that we establish an appropriate regulatory framework for financial services."