While the UK included the digital asset sector within the scope of its newly announced budget program, it kept cryptocurrencies separately.
England on Wednesday, November 22.mini budget” he announced. In the budget in question, It is also stated that legislation will be enacted that will facilitate the growth of the digital asset sector. It was stated that a place would be given. British Chancellor of the Exchequer Jeremy Hunt In the autumn declaration made by 110 The outlines of the measure were included.
Announced in this context and Digital Securities Sandbox (DSS) This budget program, called the digital asset sector, will facilitate growth a new venture for legislation While it is implied that the program in question is In the first quarter of 2024 It was stated that it was planned to start.
Cryptocurrencies will not be included
In the statement made, the program in question Investments related to the cryptocurrency sector will not be included and it was stated that only digital assets such as tokenized securities will be included. For this reason, the government has not yet completed the regulation process regarding cryptocurrencies. will be kept separate from the DDS program emphasized:
Since there is no completed political framework for cryptocurrencies yet, they will not be able to take part in the DDS. There is a separate stream of work available to create a regulatory framework for cryptocurrencies, and this stream of work will proceed separately from the DSS.
Companies of the said legislation, development of digital assets and tokenized products It was highlighted that it would support it in its early stages. In the statement made by the Ministry for the budget, the following statements were made:
The government will prepare a legal instrument to implement a Digital Securities Pool and fulfill the Edinburgh Reform announcement to implement a Financial Market Infrastructure Pool in 2023.
Providing corporate cryptocurrency buying and selling services Zodia Markets General Counsel Dina White, this step taken for the development of the sector Commenting on it in a very positive way, he continued his statement as follows:
We are seeing the continued advancement of digitalization across a range of financial instruments, and this represents a critical step in the adoption of new technologies as they are applied to traditional financial assets.
Copper Public Affairs Manager Eva Gustavsson said that this step was The UK is on its way to becoming an innovation hub for digital assets He emphasized that he would pave the way. Gustavsson to The Block He made the following noteworthy statements in his speech:
This announcement is an encouraging commitment from the government and we look forward to learning more about the Digital Securities Pool in due course. In this way, the UK will have a serious chance to be at the center of digital asset innovation.