<p><span style="font-weight: 400;">Chancellor of the Exchequer Jeremy Hunt shared a package of 30 regulatory reforms for the UK’s financial services, in an effort to boost economic growth post-Brexit. Issuing a digital pound, experimenting with blockchain and boosting investment in crypto businesses made the cut. </span></p> <p><span style="font-weight: 400;">The Chancellor’s 30-point Edinburgh Reforms, released on <a href="https://www.gov.uk/government/news/edinburgh-reforms-hail-next-chapter-for-uk-financial-services">Friday</a>, are meant to “turbocharge growth.” Among them is a push for the UK's financial sector to be at the forefront of innovation.</span></p> <p><span style="font-weight: 400;">The government is committing to publish a consultation on establishing a central bank digital currency for the UK. The Treasury and the Bank of England continue to investigate the digital pound, as plenty of jurisdictions around the world scramble to issue their own central bank-backed digital coin.</span></p> <p><span style="font-weight: 400;">Crypto assets are also getting a lucky break. The Investment Management Exemption will extend to crypto, which will encourage overseas investors to bring their funds into the UK’s crypto industry.</span></p> <p><span style="font-weight: 400;">The government is recommitting to a Financial Markets Infrastructure Sandbox, where firms will be able to experiment with decentralized technologies in a regulated space. The sandbox is expected to launch in 2023. </span></p> <p><span style="font-weight: 400;">Consumer protection from emerging technologies also has a place in the package. The government is looking to reform the 1974 Consumer Credit Act to encourage innovation and cut costs.</span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>