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Bitcoin Assets Are Included in the UK Financial Services Reform Package

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Joyashree Dey Follow

INDIA

Dec, 12 2022

Dec, 12 2022

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On December 9, more than 30 reforms to financial regulation measures were announced by the UK government, including the expansion of tax advantages for investment managers to include crypto assets.


The "Edinburgh Reforms" is a set of policies that aim to replace EU regulations in areas like financial product disclosure and ease ring-fencing capital requirements for smaller banks.


As part of the announced actions, a formal response to the consultation on extending the Investment Manager Exemption to cover crypto assets will be published. This will make it easier to include these assets in the portfolios of foreign funds managed in the United Kingdom without running the risk of UK taxation.


Before the end of the year, the government of Rishi Sunak intends to put this reform into effect through HM Revenue & Customs regulations, according to Chancellor of the Exchequer Jeremy Hunt. 


The Treasury also announced the creation of a financial market infrastructure sandbox, which would allow businesses to test and integrate new technology and innovations like distributed ledger technology, in the next year.


One of the five growth sectors for which the government will prioritize reviewing EU laws, according to Hunt, is the financial services industry. Reforms will advance the government's vision for a "globally competitive" and technologically cutting-edge financial services industry that "acts in the interests of communities and citizens."


Chancellor Jeremy Hunt stated in a statement that this regulatory framework "must enable innovation and leadership in emerging areas of finance," and that these reforms will create jobs, help businesses, and propel growth across all four countries of the UK. 


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Joyashree Dey

CBW - External Analyst

INDIA

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