UK Finance Minister announces legislation to promote the development of the country’s digital asset industry

UK Treasury's mini-budget released on Wednesday includes a clause to promote the growth of the digital asset industry. The UK government will legislate to implement the Digital Securities Sandbox (DSS), aimed at promoting the adoption of digital assets in the financial market. The budget statement said, "The government will develop statutory documentation to implement the Digital Securities Sandbox, fulfilling the Edinburgh Reforms announcement, and implementing the financial market infrastructure sandbox by 2023." The DSS plan is expected to start in the first quarter of 2024. The UK government also plans to release a response to the DSS consultation launched in July.