The UK has indicated that it will expand tax advantages for investment managers to encompass crypto assets.
Chancellor of the Exchequer Jeremy Hunt announced a package of 30 regulatory measures for the UK’s financial industry. The creation of a digital pound, experiments with blockchain, and more investment in crypto firms all made the cut.
The Treasury also stated that it will establish a “sandbox” to try out novel financial market infrastructures next year and that it will hold a consultation on a digital pound in the coming weeks.
Rishi Sunak, now prime minister, stated in April that he wished to make the UK a worldwide crypto hub.
The government has committed to publishing a consultation on the establishment of a central bank digital currency for the United Kingdom. As several governments across the world hurry to produce their own central bank-backed digital coin, the Treasury and the Bank of England continue to examine the digital pound.
The Investment Management Exemption will be extended to crypto, encouraging foreign investors to invest in the UK’s crypto economy.
The package also includes consumer protection from developing technology. The government intends to modify the Consumer Credit Act of 1974 in order to foster innovation and reduce expenses.
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