Rishi Sunak, the new Prime Minister of the UK, announces a tax break for foreign crypto investors via local investment managers. According to him, this new policy aligns with his government’s plan to make the United Kingdom the crypto hub.
The new government seems to be pro-crypto and welcoming to international traders who wish to invest their money in virtual currency within the country.
“This exemption is an important factor in attracting global investors.”
Being one of the leading economies in the world, the UK has been far behind when it comes to regulating and policing the crypto market. With Sunak, the country is speeding up adoption to keep up with the rest of the globe in Web3.
“To build upon the U.K.’s position as an investment management hub, this exemption has been extended to include crypto assets, so that funds which include them aren’t put off from appointing U.K. managers,” HM Revenue and Customs told CoinDesk.
The regulators are aiming to bring crypto-related business into the country by opening doorways to investment and trading within the market. This is good news for the crypto community abroad that wishes to make investments through local managers and brokers.
Furthermore, this new policy will also maintain transparency of the transactions ensuring no white-collar crimes take place using cryptocurrency.
