UK Treasury has introduced Digital Securities Sandbox (DSS) regulations to create a controlled environment for testing new technology in financial markets. The rules allow the Treasury to modify or apply new legislative requirements, while the Bank of England and Financial Conduct Authority can run and supervise a sandbox with granted powers. The regulations aim to foster innovation in the crypto industry by allowing tests involving distributed ledger technology (DLT) and digital assets. The DSS rules will come into force on January 8, 2024.
Despite having strict crypto policies, the UK government aims to create a safe jurisdiction for crypto activity. The Financial Conduct Authority has introduced extensive advertising rules, leading to firms reducing services. The Travel Rule, which requires UK companies to collect and share information related to crypto transfers, also came into force. However, the Bank of England has laid out a financial innovation roadmap with a focus on allowing stablecoins.
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| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Revolut, Parliament, FCA, Bank of England, Poloniex |
| Currencies | None |
| Securities | None |
