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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms
Rishi Sunak’s government has already legislated to use stablecoins as a means of payment as he seeks to make the country a crypto hub.
Updated Dec 9, 2022, 4:46 p.m. Published Dec 9, 2022, 8:11 a.m.
The U.K. has confirmed it will extend tax breaks for investment managers to cover crypto assets, a step in Prime Minister Rishi Sunak's plan make the country a crypto hub.
In October, minister Andrew Griffith said he wanted to “tentatively seize" crypto opportunities, and promised a consultation on how to use new legislative crypto powers contained in the Financial Services and Markets Bill before the Christmas holiday.
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In a package of financial services reforms unveiled Friday, setting out how to replace European Union banking and financial-market laws, the Treasury said it would extend an existing tax break, which allows investors to use a U.K.-based manager without drawing extra tax liability, to the crypto sector. The change will be made via regulations this year.
The Treasury also said it will implement a "sandbox" to test out innovative financial market infrastructures next year, and will consult on a digital pound in the coming weeks.
In April, Rishi Sunak, then finance minister and now prime minister, said he wanted to make the U.K. a global crypto hub. While U.K. regulator the Financial Conduct Authority has already tentatively set out how it would use new crypto powers, some in the industry have warned that new advertising restrictions could prove unduly complex.
A Treasury spokesperson did not respond to a CoinDesk request for comment on the status of the wider consultation on crypto regulations.
Read more: Proposed UK Rules Will Make Advertising Crypto a Lot Harder, Industry Warns
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U.S. Regulator Pushes Back on Banks Fighting Crypto's Pursuit of Trust Charters
Comptroller of the Currency Jonathan Gould spoke at an industry event in Washington, arguing that the OCC won't resist crypto because of banker complaints.
What to know:
- Comptroller of the Currency Jonathan Gould delivered some pushback to the traditional banks that have tried to slow the industry's entry into banking.
- Up to 14 companies have applied for bank charters in the past year, including a number of crypto firms, Gould said.
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