UK pushes forward crypto efforts through financial services reforms

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These reforms include the regulation of stablecoins as a payment method and the creation of a sandbox for regulators and firms to test new financial technologies. News Collect this piece as NFT. The United Kingdom’s Chancellor, Jeremy Hunt, has announced that it will be consulting on proposals to establish a central bank digital currency (CBDC), extending a tax break for investment managers, and bringing stablecoins within the regulatory perimeter. This will allow regulators and firms to test new technologies that could transform financial markets. These reforms are part of the Financial Services and Markets bill, which was announced earlier in October. Hunt stated that the changes will improve the U.K.’s position as a global financial services hub. Hunt explained that the Edinburgh Reforms take advantage of our Brexit freedoms to deliver an agile, home-grown regulatory system that works in the interests of British people and businesses. Hunt also noted that the government will continue to implement reforms that hinder other growing industries such as digital technology and life sciences. Andrew Griffith, the U.K.’s Economic Secretary to Treasury, stated that the reforms would deliver smarter regulation of financial services. According to the official, this will “unlock growth and opportunity in cities across the U.K.”Related article: Bank of England raises interest rate to 3%. This is the largest increase in 33 years. The U.K. government began looking into non-fungible tokens (NFTs), in response to the sector’s growth. The U.K.’s Digital, Culture, Media and Sport Committee opened a public inquiry to assess NFT assets before the U.K. Treasury can review them.