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804211

registered interest
date	11/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bitcoin
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the implications of the increasing trade in Bitcoin, and of the case for greater regulation of the trade of Bitcoin.
tabling member printed	Lord Greaves
uin	HL4032
answer	answer is ministerial correction date of answer 21/12/2017 answer text As with all policies, the government keeps its policy towards cryptocurrencies under review. For example, Government has recently published its National Risk Assessment of Money Laundering and Terrorist Financing, which included an examination of the risks associated with cryptocurrencies. The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive. answering member printed Lord Bates question first answered 21/12/2017 13:58:16 answering member 1091 label Biography information for Lord Bates
tabling member	2569 label Biography information for Lord Greaves

804212

registered interest
date	11/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bitcoin
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the advice provided by the financial advice market in relation to Bitcoin; and in the light of that assessment, whether any changes to regulatory or legal framework for financial advice are required.
tabling member printed	Lord Greaves
uin	HL4033
answer	answer is ministerial correction date of answer 21/12/2017 answer text <p>The regulation of financial advisors is a matter for the Financial Conduct Authority (FCA). The regulatory framework is determined in legislation by European Directives and the Regulated Activities Order, and the FCA sets the standards for firms that fall within that framework.</p> answering member printed Lord Bates question first answered 21/12/2017 13:58:33 answering member 1091 label Biography information for Lord Bates
tabling member	2569 label Biography information for Lord Greaves