The Crypto Roundup: 21 December 2023 | CryptoCompare.com

The UK government has said it’s set to keep on working with the financial services and technology sectors to develop necessary legislation as it moves to become a leading cryptocurrency industry hub.

This initiative includes the creation of a Digital Securities Sandbox (DSS), a project that has received positive feedback from a July consultation conducted by the Treasury.

The DSS is designed to allow companies to test new products with actual customers under regulatory oversight. Respondents to the Treasury’s consultation noted there’s a need for the rules within the sandbox to remain flexible, and asked for clearer guidance regarding tax implications within it.

The DSS, will fall under the joint supervision of the Bank of England and the Financial Conduct Authority, according to draft legislation, and will allow businesses to test the blockchain technology that powers crypto to digitize or tokenize traditional securities.

The UK government plans to include debt, equity, and money-market instruments within the sandbox’s scope.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/21/