While the adoption of crypto could lead to improvements in market efficiency, transparency, and resilience, the UK government doesn’t expect that the existing legislative framework for derivatives and so-called unbacked crypto assets will be changed in the nearest future.

This is according to the consultation paper released today by the Treasury outlining its plans for the Digital Securities Sandbox (DSS), which is being launched under the powers granted as part of the UK’s Financial Services and Markets Act 2023 that became law last month.

The primary objective of the DDS initiative is to create a more flexible regulatory environment for digital securities, encompassing both native digital securities and tokenized representations of existing securities.

However, it will exclude unbacked crypto assets such as Bitcoin or Ethereum, collectively referred to by the Treasury as an asset type closely interlinked with the advancement of novel technologies such as Distributed Ledger Technology (DLT). This asset type also includes exchange tokens, said the Go to Source to See Full Article
Author: Andrew Asmakov

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