Dina

Impact

Read

The UK government has announced the implementation of the Digital Securities Sandbox, a significant initiative aimed at integrating digital assets into the nation’s financial market infrastructure.
The UK government, under Chancellor Jeremy Hunt’s autumn statement, <a href="https://www.gov.uk/government/publications/autumn-statement-2023" data-type="link" data-id="https://www.gov.uk/government/publications/autumn-statement-2023" target="_blank" rel="noopener noreferrer nofollow">announced plans</a> to implement the Digital Securities Sandbox (DSS), showing how financial markets operate and interact with newer technologies.
The DSS, slated to begin in early 2024, is part of a broader initiative to enhance the country’s economic growth through technological innovation. By introducing a statutory instrument, the government aims to foster a controlled, yet progressive environment for digital asset applications within financial markets.
This sandbox approach provides a unique platform for firms to experiment with digital technologies in a regulated and supportive setting, potentially transforming the way <a href="https://crypto.news/recent-sec-filing-marks-67-altcoins-as-securities/" data-type="link" data-id="https://crypto.news/recent-sec-filing-marks-67-altcoins-as-securities/" rel="noopener noreferrer nofollow">securities</a> are handled and traded.
You might also like: <a href="https://crypto.news/uk-fca-to-introduce-permanent-digital-sandbox-for-technology-startups/" rel="noopener noreferrer nofollow"> UK FCA to introduce permanent digital sandbox for technology startups </a>
Dina White of Zodia Markets and Eva Gustavsson of Copper have lauded this development. The two emphasize the sandbox’s role in facilitating the integration of digital and traditional financial instruments, potentially revolutionizing market infrastructures such as securities depositories and trading venues.
This integration could lead to more dynamic financial <a href="https://crypto.news/markets/" data-type="link" data-id="https://crypto.news/markets/" rel="noopener noreferrer nofollow">market</a> activities, including the use of digital assets as collateral or in repo transactions.
However, distinguishing the DSS from the existing Digital Sandbox by the Financial Conduct Authority (<a href="https://crypto.news/tag/fca/" data-type="link" data-id="https://crypto.news/tag/fca/" rel="noopener noreferrer nofollow">FCA</a>), which supports early-stage digital product development. The DSS, <a href="https://www.youtube.com/watch?v=l_VGSr7m2bs" data-type="link" data-id="https://www.youtube.com/watch?v=l_VGSr7m2bs" target="_blank" rel="noopener noreferrer nofollow">according to</a> FCA’s Helen Boyd, will operate under a new rule set, focusing specifically on digital securities and their potential applications in financial market infrastructures.
Read more: <a href="https://crypto.news/impact-of-fcas-advertising-rules-on-the-uks-crypto-landscape/" rel="noopener noreferrer nofollow"> Impact of FCA’s new crypto rules: market shifts and high-profile exits </a>

UK treasury secretary unveils new law to strengthen digital asset industry

crypto.news

Other articles published on Nov 23, 2023

Why Is The Crypto Market Up Today?

FTT Token Witnesses Over 20% Surge Amidst Recent Developments

Ethereum (ETH) price reclaims $2K as data shows a surge in network activity

Kunci Coin (KUNCI) Price Prediction 2024, 2025, 2030, 2040, and 2050

Kraken Co-founder Supports Binance Probe Amid SEC Lawsuit

How to Buy Uquid Coin?

Join our free newsletter for daily crypto updates!