The UK’s “mini-budget” announcement on Wednesday has given a boost to the digital asset sector in the country.
Chancellor of the Exchequer Jeremy Hunt presented a list of 110 measures to support the growth of the nation’s economy in the Autumn Statement. One of the major initiatives outlined was to facilitate the expansion of the digital asset sector by the government.
The government plans to introduce legislation to establish the Digital Securities Sandbox (DSS), which aims to promote the use of digital assets in financial markets.
The budget statement stated that the government will pass a statutory instrument to implement the DSS, fulfilling the Edinburgh Reform announcement of establishing a Financial Market Infrastructure Sandbox by 2023. The DSS is expected to commence in the first quarter of 2024.
Additionally, the government will release its response to a consultation on the DSS launched in July. According to Dina White, General Counsel at Zodia Markets, the implementation of the DSS is a significant milestone in the evolution of the securities industry.
