Lawmakers in Edinburgh, Scotland, are making concerted efforts to unlock the different investment and growth opportunities in the crypto sector.
The authorities hope that having a regulatory framework will protect crypto consumer interests and consolidate confidence in the industry.
The Financial Services and Markets (FSM) Bill has captured the current reforms for safeguarding crypto investors. It will adequately cater to stablecoin regulations, volatility management, and the use of crypto for payments.
Reforms in a positive direction
While other specific areas of the bill are yet to be brought to public purview, the regulatory oversight is not different from what applies in neighboring cities with a friendly disposition to crypto.
Recall that on Nov. 18, 2022, the University of Edinburgh teamed up with Cardano builder and input Output Global (IOG) to create the first-ever industry-standard metrics for crypto decentralization that will foster transparency in the crypto space.
When launched, the Edinburgh Decentralization Index (EDI) is expected to promote transparency in crypto-space through the research-based methodology to produce a frame of reference.
Tax exemption will boost crypto investments
Edinburgh officials are also mulling the possibility of adding crypto asset managers to its list of foreign investors with tax exemption; this is believed to create a competitive crypto hub.
According to Edinburgh’s market insight, the tax exemption will reduce the menace of capital flight; there is already a 43% projected market penetration rate. An Investment drivers analytics 2022 dashboard also showed that the sector is already moving to the mainstream, and early investors are likely to get good returns.