The United Kingdom’s path forward in a post-Brexit world received further clarity Dec. 9 when Chancellor of the Exchequer Jeremy Hunt set out his proposals to make the country’s financial services more competitive by cutting “hundreds of pages of burdensome” European Union regulations.

Hunt’s “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile; less costly; and more responsive to emerging trends, such as harnessing investment in crypto assets.

The plans include a commitment to repealing and replacing Solvency II—the rules governing insurers balance sheets—and changing existing compliance requirements around consumer credit, overhauling the U.K. prospectus regime to make it more attractive for firms to list and raise capital, and improving companies’ access to capital before they publicly list.