The United Kingdom's Chancellor of the Exchequer, Jeremy Hunt, has outlined a series of measures aimed at boosting growth and competitiveness in the country's financial services industry.

These changes are part of the Financial Services and Markets Bill. Stakeholders are eagerly following developments as they await the incoming government's stance on crypto assets.

The Chancellor of the Exchequer presented the financial services reforms known as the 'Edinburgh Reforms' earlier on December 9th. The revisions, according to His Majesty's Treasury, include an extension of the present tax break that allows investors to use the services of a UK-based manager without incurring additional tax responsibilities.

The new set of financial reforms also aims to repeal European Union banking and financial-market regulations. The planned adjustments, according to the Chancellor's statement, will be implemented by regulations.

According to the Edinburgh Reforms,

"The government is ensuring that the regulatory environment encourages innovation and leadership in developing sectors of finance, thereby promoting the adoption of cutting-edge technologies," says the government.

The memo also highlighted the Treasury's intended plans to make the UK a crypto hub, as stated by Prime Minister Rishi Sunak. The Financial Services and Markets Bill will provide a regulatory environment that is safe for stablecoins.

The Treasury is also looking to implement a Financial Market Infrastructure Sandbox in 2023 in order to foster this sector’s development. As far as CBDCs are concerned, the Treasury plans to consult on a UK retail CBDC alongside the Bank of England in the coming weeks.