The IME for Cryptos – The British Finance Minister could give a boost to the development of blockchain and cryptocurrencies in the United Kingdom, with his package of regulatory reforms.
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The UK Investment Management Exception extended to cryptocurrencies
On December 9, Her Majesty’s Treasury published an article on the Chancellor of the Exchequer’s regulatory reforms, jeremy hunt. The Minister in charge of Finance and the Treasury proposed more than 30 reformswhich aim to stimulate post-Brexit economic growth.
In detail, this proposal includes provisions that should driving the adoption of cryptocurrencies United Kingdom. Jeremy Hunt wants to attract foreign investors to the crypto industry, by extending the Investment Management Exception (IME) to cryptocurrencies.
Under such conditions, foreign investors, who fulfill a certain number of criteria, will not be not subject to tax on corporations for legal persons, and income tax for individuals.
In addition to cryptocurrencies, these reforms will also benefit the development of decentralized technologies. Sector players will be able to conduct their experimentation in a regulatory sandbox, the launch of which is scheduled for 2023.
Through these reforms, Jeremy Hunt wishes to implement changes that will allow the British financial sector to take advantage of the latest innovations.
On the one hand, Jeremy Hunt wants to undertake reforms that are positive for cryptocurrencies in the UK. The other, the British regulator keeps banging on cryptocurrencies.
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