Minister of Finance Jeremy Hunt, Brexit It has shared a package of 30 regulatory reforms for the UK’s financial services to boost post-economic growth.
digital pound mining, experimenting with Blockchain, and Increasing investment in crypto businesses was among these reforms.
UK Financial Reforms Encourage More Investment In Cryptocurrency Businesses
The 30-point Edinburgh Reforms, announced by the Finance Minister on Friday, aim to “accelerate growth”. These include the UK financial sector being at the forefront of innovation.
The government is committed to publishing a consultation process on the creation of a central bank digital currency for the UK.
As the Treasury and Bank of England continue to explore the digital pound, many jurisdictions around the world are scrambling to issue their own central bank-backed digital currencies.
The UK has confirmed that it will expand tax cuts for investment managers to cover crypto assets after Prime Minister Rishi Sunak said he wants to make the country a crypto hub.
The government recommends a Financial Markets Infrastructure Sandbox, where firms can try decentralized technologies in a regulated space.
In April, then finance minister and now prime minister Rishi Sunak said he wanted to make the UK a global crypto hub.
While the UK regulator, the Financial Conduct Authority, has already tentatively determined how it will use the new crypto powers, some in the industry have warned that the new advertising restrictions may be too complex.
It is not investment advice.
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