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.
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.
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
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