The U.K. government has announced plans to collaborate with the financial services and technology industries to develop legislation facilitating the adoption of digital securities, as part of its ambition to become a crypto industry hub. Responding to feedback from a consultation conducted in July, the government revealed positive reception for the design of a proposed digital securities sandbox (DSS). The sandbox aims to allow companies to test new products with real customers under regulatory supervision. Respondents stressed the importance of flexible rules within the sandbox to accommodate novel use cases and requested more clarity on tax treatment.
Draft legislation published on Monday outlines that the Bank of England and the Financial Conduct Authority will oversee the DSS. It will enable businesses to test distributed ledger technology for digitizing or tokenizing traditional securities on a blockchain, covering assets such as debt, equity, and money-market instruments. The government expressed its commitment to working with regulators and industry stakeholders to identify any necessary legislative provisions and implement them through statutory instruments if required.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}