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King Charles II has approved the appointment of Bim Afolami as the new Economic Secretary to the Treasury of the United Kingdom. Afolami’s appointment is part of a restructuring of ministers and secretaries by the U.K. government. In his new role, Afolami will have control over policies related to digital assets and central bank digital currencies in the country. This move follows the promotion of former Economic Secretary Andrew Griffith, who played a key role in turning the U.K. into a crypto hub. Griffith has been appointed as the next Minister of State in the Department for Science, Innovation, and Technology. The self-regulatory trade association CryptoUK plans to brief Afolami on the potential contributions of crypto to the U.K. economy and the challenges faced by the sector. Afolami has already met with senior figures from Coinbase to discuss the regulatory environment and the importance of an appropriate regulatory regime for certain financial services. CryptoUK believes that the right regulatory and competitive market can benefit both businesses and consumers. The U.K. government has been addressing policies related to artificial intelligence, financial technology, and the metaverse through regulation, enforcement actions, and investigations. This recent shakeup in Prime Minister Sunak’s government comes ahead of the next general election in the U.K., which is expected to take place before 2025.