In its desire to clean up the financial sector, the UK government announced a package of more than 30 reforms. Nicknamed the Edinburgh reforms, they involve the extension, as well as the tax breaks for all crypto investment managers. But it is above all a question of avoiding a new catastrophe like the one that occurred during the FTX crisis.
Will the UK Become a Crypto Hub?
The new measures of Rishi Sunak, the British Prime Minister, on crypto are surprising to say the least. They first come to regulate the cryptocurrency industry in the United Kingdom. Then, they intend to supplement EU regulations characterized by the relaxation of capitalization rules for the benefit of small banks. As well as through the disclosure of financial products.
Among the measures set out, we note the publication of one formal response on the extension of the exemption investment managers. Thus, without however increasing the tax risk in the united kingdom, they will benefit from a inclusion in the foreign fund portfolios.
In addition, other measures affecting crypto are announced by the Treasury. They include the establishment next year of a Sandbox for financial and stock market infrastructure. This will allow companies to test and D’enjoy new technologies like the technology of distributed ledgers.
Financial services are among the five sectors that the UK government will prioritize. The goal here is to change an old EU law and make English financial services more globally competitive. Also, the government aims to preserve the interests of the community crypto and citizens.
“Giving businesses and consumers a new way to pay” is Rishi Sunak’s statement about the possibility of creating an e-book. Recall that he was previously a hedge fund manager at the investment bank Goldman Sachs. The Prime Minister was therefore enthusiastic about a digital version of the national currency.
It is in this wake that the government will organize in the coming weeks a consultation on the making a digital currency.
Conclusion
In order to establish a safe and conducive environment for crypto activity, the UK government has put together a bill. This operation is to regulate the ecosystem and introduce a wider range of crypto activities to the UK. Finally, through a series of reforms, Prime Minister Rishi Sunak intends to make the United Kingdom a new Silicon Valley cryptos.
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