Jeremy Hunt, the Chancellor of the Exchequer, <a href="https://www.gov.uk/government/news/edinburgh-reforms-hail-next-chapter-for-uk-financial-services" target="_blank" rel="nofollow noopener">unveiled</a> a bundle of 30 regulation changes for the <a href="https://www.cryptoknowmics.com/news/tradfi-giant-tp-icap-acquires-a-uk-cryptocurrency-license">UK</a> financial industry in an effort to spur economic development after Brexit. The list included launching a digital pound, testing <a href="https://www.cryptoknowmics.com/news/tether-releases-offshore-chinese-yuan-cnht-on-tron-blockchain">blockchain</a>, and encouraging investment in UK <a href="https://www.cryptoknowmics.com/news/paypal-extends-cryptocurrency-service-to-luxembourg">crypto</a> firms.
<h2>UK Financial Laws Investment in Crypto Firms</h2>
One of the Chancellor's 30-point Edinburgh Reforms, unveiled today and intended to "turbocharge growth," is a call for the UK financial industry to lead the way in innovation.

In order to develop a central bank digital currency for the UK, the government has promised to launch a consultation. While several nations compete to produce their own central bank-backed digital coins, the Treasury and the <a href="https://www.cryptoknowmics.com/news/bank-of-england-calls-for-stricter-financial-regulations">Bank of England</a> are still looking into the virtual pound.
<h2>Expansion of Investment Management Exemption</h2>
The fortune is also favoring digital currency holdings. The expansion of the Investment Management Exemption to cryptocurrency will entice investors from outside to invest in UK<a href="https://www.cryptoknowmics.com/news/crypto-volatility-leads-to-termination-of-over-60-coinbase-employees"> crypto firms</a>.

The government is reaffirming its commitment to a Financial Markets Infrastructure Sandbox, where businesses will be allowed to test out <a href="https://www.cryptoknowmics.com/news/all-you-need-to-know-about-decentralized-start-up-musixverse">decentralized</a> technologies in a controlled environment. In 2023, the <a href="https://www.cryptoknowmics.com/news/axa-hong-kong-partners-with-sandbox-becomes-first-to-enter-metaverse">sandbox</a> is planned to debut. The package also includes consumer protection from developing technology. In order to boost innovation and reduce expenses, the government is considering amending the Consumer Credit Act of 1974.

UK Financial Laws Drive for Greater Investment in Crypto Firms

The expansion of the Investment Management Exemption to cryptocurrency will entice investors from outside to invest in UK crypto firms.

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UK Financial Laws Drive for Greater Investment in Crypto Firms

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