The U.K. has confirmed it will extend tax breaks for investment managers to cover crypto assets, after Prime Minister Rishi Sunak said he wanted to make the country a crypto hub.

In October, minister Andrew Griffith said he wanted to “tentatively seize" crypto opportunities, and promised a consultation on how to use new legislative crypto powers contained in the Financial Services and Markets Bill before the Christmas holiday.

In a package of financial services reforms unveiled today, setting out how to replace European Union banking and financial-market laws, the Treasury said it would extend an existing tax break, which allows investors to use a U.K.-based manager without drawing extra tax liability, to the crypto sector. The change will be made via regulations this year.

(By Jack Schickler)