UK’s Potential New City Minister Tulip Siddiq Could Back Tokenization

Tulip Siddiq, reportedly set to become the UK’s City Minister, is expected to support tokenization and digital asset initiatives.

According to a recent Bloomberg report, a person familiar with the matter said that Siddiq is expected to be appointed Economic Secretary to the Treasury by the newly elected Prime Minister Keir Starmer.

Siddiq to Oversee Fintech Regulation if Appointed

The position, referred to as the City Minister, encompasses the UK’s City of London and the broader financial services industry. This role involves overseeing the regulation of financial technology, crypto assets, and debt management policies.

Tulip Siddiq MP @TulipSiddiq has been appointed Economic Secretary to the Treasury and City Minister pic.twitter.com/4GaTmbMzNG — HM Treasury (@hmtreasury) July 9, 2024

The report indicated that Siddiq, alongside Chancellor of the Exchequer Rachel Reeves, is anticipated to play a key role in shaping the new government’s initiatives to enhance London’s position as a global financial hub following Brexit.

Siddiq has been a Member of Parliament (MP) since 2015. In Starmer’s shadow cabinet, Siddiq held a similar role, focusing on financial services and advocating for innovations in the fintech sector.

In 2022, she criticized the Conservative Party for taking a £500,000 ($639,000) donation from crypto investor Christopher Harborne and for the now-failed NFT-for-Britain plan.

“Instead of protecting the public by properly regulating the crypto market, it appears the Conservatives have been looking after the interests of their wealthy donors,” said Siddiq.

Transforming the UK into a Tokenized Assets Center

Last week, deVere Group CEO Nigel Green commented on the Labour Party’s stance on digital assets, suggesting that the party must position the country as a global crypto hub.

“Labour’s Rachel Reeves, the current shadow chancellor, has shown openness to the tech sector, and Tulip Siddiq has boldly stated that Labour would transform the UK into a global centre for tokenized assets if victorious,” said Green.

“The cornerstone of establishing the UK as a global crypto hub lies in creating a clear, comprehensive regulatory framework,” Green added. “A well-defined regulatory environment will provide clarity and security to businesses and investors.”