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1702387

registered interest
date	19/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he is developing economic models to forecast (a) price trends and (b) growth potential in cryptocurrencies.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22784
answer	answer is ministerial correction date of answer 25/04/2024 answer text <p>The Government is not developing economic models to forecast cryptoasset trends. Rather, it uses information from a range of sources to understand broad trends in the market in order to inform policy development.</p><p>In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets, and is currently working to deliver legislation giving effect to its proposals. As part of this, the government will publish analysis of the impacts of its legislation on cryptoasset businesses in scope of the forthcoming regime in the usual way.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/04/2024 09:27:23 answering member 4639 label Biography information for Bim Afolami
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1701802

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to issue any (a) guidance or (b) resources to help potential investors understand the risks and benefits associated with cryptocurrency investments.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22362
answer	answer is ministerial correction date of answer 23/04/2024 answer text <ol><li>The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.</li><li>In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.</li><li>As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.</li><li>In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.</li></ol> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 22360 22361 22363 22364 question first answered 23/04/2024 11:17:55 answering member 4639 label Biography information for Bim Afolami
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1701804

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an estimate of (a) the role and (b) trends in the value of (i) bitcoin and (ii) other major cryptocurrencies in the economy in the next (A) five and (B) 10 years.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	22364
answer	answer is ministerial correction date of answer 23/04/2024 answer text <ol><li>The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.</li><li>In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.</li><li>As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.</li><li>In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.</li></ol> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 22360 22361 22362 22363 question first answered 23/04/2024 11:17:55 answering member 4639 label Biography information for Bim Afolami
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi