{"id":524048,"date":"2022-12-09T16:25:08","date_gmt":"2022-12-09T13:25:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uk-pushes-crypto-efforts-forward-through-financial-services-reforms\/"},"modified":"2022-12-09T16:25:08","modified_gmt":"2022-12-09T13:25:08","slug":"uk-pushes-crypto-efforts-forward-through-financial-services-reforms","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uk-pushes-crypto-efforts-forward-through-financial-services-reforms\/","title":{"rendered":"# UK pushes crypto efforts forward through financial services reforms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25784aec371\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25784aec371\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/uk-pushes-crypto-efforts-forward-through-financial-services-reforms\/#%E2%80%9D_UK_pushes_crypto_efforts_forward_through_financial_services_reforms_%E2%80%9C\" >&#8221; UK pushes crypto efforts forward through financial services reforms &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UK_pushes_crypto_efforts_forward_through_financial_services_reforms_%E2%80%9C\"><\/span>&#8221; UK pushes crypto efforts forward through financial services reforms &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvOWViNGU3MTItMDRlMy00ODhkLWE4YzYtYzYwNzEzMTkyOGNjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>The United Kingdom\u2019s Chancellor of the Exchequer Jeremy Hunt <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/collections\/financial-services-the-edinburgh-reforms\">laid<\/a> out a number of reforms aiming to \u201cdrive growth and competitiveness\u201d to the country\u2019s financial services sector including efforts that support the crypto space.<\/p>\n<p>In an announcement, the U.K. government <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/news\/edinburgh-reforms-hail-next-chapter-for-uk-financial-services\">highlighted<\/a> that it will create a smarter regulatory framework for the country that it describes as \u201cagile, less costly and more responsive to emerging trends.\u201d<\/p>\n<p>Topics mentioned in the announcement include consulting on proposals for the establishment of a central bank digital currency (CBDC), extending a crypto tax break for investment managers, bringing stablecoins into the regulatory perimeter and creating a sandbox that lets firms and regulators test new technologies that have the potential to transform financial markets. <\/p>\n<p>These are all part of the Financial Services and Markets (FSM) bill announced earlier in October. According to Hunt, the changes will show the U.K.&#8217;s status as a competitive global financial services hub. He explained that: <\/p>\n<blockquote><p>\u201cThe Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and home-grown regulatory regime that works in the interest of British people and our businesses.\u201d<\/p><\/blockquote>\n<p>In addition, Hunt noted that the government will be further delivering reforms that get in the way of other growing industries like digital <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and life <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>s. <\/p>\n<p>Andrew Griffith, the U.K.&#8217;s Economic Secretary to the Treasury, said that the reforms will deliver smarter regulation for financial services. The government official believes that this &#8220;will unlock growth and opportunity in towns and cities across the U.K.&#8221;<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bank of England raises interest rates to 3%, largest jump in 33 years<\/em><\/strong><\/p>\n<p>On Nov. 4, the U.K. government also started looking into nonfungible tokens (NFTs) because of the growth of the sector. Members of the U.K.&#8217;s Digital, Culture, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> and Sport Committee (DCMS) opened a public inquiry to make an assessment of NFT assets before a review can be performed by the U.K. Treasury. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uk-pushes-crypto-efforts-forward-through-financial-services-reforms\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UK pushes crypto efforts forward through financial services reforms &#8220; The United Kingdom\u2019s Chancellor of the Exchequer Jeremy Hunt laid out a number of reforms aiming to \u201cdrive growth and competitiveness\u201d to the country\u2019s financial services sector including efforts that support the crypto space. In an announcement, the U.K. government highlighted that it will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":524049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/9eb4e712-04e3-488d-a8c6-c607131928cc.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,55229,70934,4966],"class_list":["post-524048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-law","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=524048"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/524049"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=524048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=524048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=524048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}