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1472852

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 June 2022 to Question 11630 on Cryptocurrencies: Regulation, what assessment he has made of the (a) adequacy of existing skills and qualifications and (b) requirement to acquire further skills of brokers who (i) are already regulated and compliant with Money Laundering Regulations and (ii) do not intend to custody cryptoassets themselves but instead use a registered cryptoasset firm.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	23734
answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>It is the responsibility of the FCA to assess whether cryptoasset firms have appropriate anti-money laundering controls.</p><p> </p><p>As part of this assessment, firms must demonstrate they have the necessary skills and qualifications. Firms must also demonstrate they have proper policies and procedures in place to deal with the specific nature of the cryptoasset ecosystem. Where either is assessed to be below the required standard, they may have their application rejected or refused.</p><p> </p><p> </p><p>The Money Laundering Regulations established a risk-based approach to the supervision of cryptoasset businesses. The assessment which each firm must undergo is therefore proportionate to the risks generated by the kind of activities firms engage in.</p><p> </p><p>This means that whether the broker holds cryptoassets themselves or uses a registered cryptoasset firm, the skills &amp; procedures required will likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:50:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1467418

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Technology: Greater London
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to (a) foster digital innovation and (b) maintain London as a key global capital market and fintech centre.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11629
answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>Digital innovation is a major priority for the Government and the UK has a world leading tech sector valued at over $1 trillion. To foster cutting-edge innovation, at the 2021 Autumn Budget and Spending Review the Chancellor announced an increase in public research and development investment to £20bn by 2024/25, including £1.1bn for core Innovate UK programmes targeting business innovation. At Spring Statement 2022, the Chancellor went further in support of digital innovation by announcing reforms to R&amp;D tax credits which will expand qualifying costs to include data and cloud computing.</p><p> </p><p>The UK is well known internationally as a hub for high quality capital markets backed by strong and effective regulation. Last year, the Chancellor launched the Wholesale Markets Review (WMR) with the aim to deliver a rulebook that is fair, outcomes-based and supports competitiveness, whilst ensuring the UK maintains the highest regulatory standards.</p><p> </p><p>In addition, a sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is underway. As set out in the Queen's Speech, the upcoming Financial Services and Markets Bill will implement the outcomes of the Future Regulatory Framework (FRF) Review as well as a series of important initiatives underpinning the Government’s ambitious vision for the financial services sector.</p><p> </p><p>Finally, innovation and technology are central to the Government’s vision for the future of the UK’s financial services sector. The Government and regulators are taking forward the recommendations of the recent Kalifa Review of how government, regulators and industry can maximise the future growth of the fintech sector across the UK. In particular, on 29 October 2021, the Government announced £5 million of seed funding for a new Centre for Finance, Innovation and Technology (CFIT) as part of the Spending Review.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:30:06 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1467419

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will allow UK FCA regulated firms, such as brokers, to be exempt from the FCA Cryptoasset Register as they already have equivalent approved processes in place.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11630
answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>Under the Money Laundering Regulations (MLRs), any firm operating as a cryptoasset exchange provider or custodian wallet provider must be registered with the FCA for anti-money laundering supervision as a cryptoasset business. It is the responsibility of the FCA, as the independent supervisor for these firms, to assess whether firms have appropriate anti-money laundering controls in place for the kinds of activity they carry out, prior to admitting them to the register. There is no statutory exemption to this requirement for firms that are already registered with the FCA for another activity.</p><p> </p><p>It is necessary for firms dealing with cryptoassets to demonstrate that their controls are adequate to deal with the specific nature of the cryptoasset ecosystem. Having adequate AML controls for one type of business activity does not guarantee that these controls are suitable for another.</p><p> </p><p>The government is committed to supporting the safe and sustainable growth of the cryptoasset sector. The MLRs established a risk-based approach to the supervision of cryptoasset businesses, and the assessment which each firm must undergo should therefore be proportionate to the risks generated by the kind of activities it engages in. The processes that a broker is expected to put in place will therefore likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p><p><strong> </strong></p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:38:43 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1467420

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the FCA’s decision to classify cryptoassets as a restricted mass market investment.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11631
answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>In January 2022 the government published a response to its consultation on a proposal to bring certain cryptoassets into the scope of the Financial Promotion Order to ensure that cryptoasset promotions are fair, clear, and not misleading.</p><p> </p><p>The forthcoming legislation, and supportive FCA rules, will regulate in-scope cryptoasset financial promotions. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products.</p><p> </p><p>The FCA’s consultation on its rules closed in March 2022 and it is currently considering representations from firms.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:37:00 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1461889

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to help ensure that open banking is able to benefit as many consumers as possible.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	678
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>Open Banking is a great UK success story that has brought significant benefits to the 5.5 million UK consumers and businesses who now use products and services enabled by this technology.</p><p> </p><p>The government recently set out its plan for the future of UK Open Banking in a joint statement with the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), including a cross-authority committee for oversight of a new entity to succeed the Open Banking Implementation Entity. Through this Joint Authority Oversight Committee the government and regulators will work closely together to maintain the UK’s leadership in Open Banking. The government is seeking to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:43:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1457433

registered interest
date	14/04/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that people have (a) access to cash and (b) the ability to use cash.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	153863
answer	answer is ministerial correction date of answer 26/04/2022 answer text <p>The government recognises that cash is an important part of daily life for millions of people across the UK, and remains committed to legislating to protect access to cash.</p><p> </p><p>As part of the Financial Services Act 2021, the government made legislative changes to support the widespread offering of cashback without a purchase by shops and other businesses. The government's view is that cashback without a purchase has the potential to be a valuable facility to cash users.</p><p> </p><p>From 1 July to 23 September last year, the government held the Access to Cash Consultation on further proposals for new laws to make sure people only need to travel a reasonable distance to pay in or take out cash. The government’s proposals intend to support the continued use of cash in people’s daily lives and help to enable local businesses to continue accepting cash by ensuring they can access deposit facilities. The government has carefully considered responses to the consultation and will set out next steps in due course.</p><p> </p><p>Following the government’s commitment to legislate, firms are working together through the Cash Action Group to develop new initiatives to provide shared services. The government welcomes the direction set by industry’s commitments at the end of last year and looks forward to seeing what results they deliver in protecting cash facilities for local communities across the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/04/2022 13:57:16 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1435292

registered interest
date	24/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stocks and Shares: Blockchain
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if his Department will take steps with the Financial Conduct Authority to ensure that securities issued on blockchain can be clearly distinguished from crypto asset service providers.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	129097
answer	answer is ministerial correction date of answer 04/03/2022 answer text <p>Under the Money Laundering and Terrorist Financing (Information on the Payer) Regulations 2017, a cryptoasset business will be required to register with the Financial Conduct Authority if it is a firm or sole practitioner that provides cryptoasset exchange or custodian wallet services by way of business.</p><p> </p><p>Securities are financial instruments giving rise to claims against the issuer, and are not businesses in and of themselves. Therefore, although a cryptoasset business may issue securities on the blockchain that confer an ownership interest in the business, these securities would be legally distinct from the business itself.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/03/2022 13:41:41 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1435293

registered interest
date	24/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Assets
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 the revenue that the digital assets sector could potentially bring to the public purse.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	129098
answer	answer is ministerial correction date of answer 04/03/2022 answer text <p>The Government is committed to a global leadership in fintech and to creating a regulatory environment for digital assets in which firms can innovate, while allowing people to use new technologies both reliably and safely. The Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) is exploring the impact of cryptoassets, the potential benefits and challenges of Distributed Ledger Technology (DLT) in financial services; as well as assessing what, if any, regulation is required in response.</p><p> </p><p>Businesses trading in or using digital assets are taxed on their trading profits. Where a person realises chargeable gains from increases in value of digital assets, capital gains tax (CGT) or Corporation Tax on Chargeable Gains may be due. If CGT applies, only chargeable gains above the Annual Exempt Amount are taxed.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/03/2022 13:40:06 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1247846

registered interest
date	02/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the viability of using more FinTech platforms to distribute Government-backed financial loans and support packages alongside established high-street banks and lenders.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	110103
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The UK is home to a world-leading Fintech sector and an impressive amount of talent and expertise in this area. The government knows that Fintech firms play an important role in the lending market, especially for smaller businesses.</p><p> </p><p>I am grateful for the way the sector has responded to the current crisis by identifying opportunities where technology may support the Government’s response.</p><p> </p><p>The British Business Bank (BBB) has so far accredited 28 Bounce Back Loan Scheme (BBLS) lenders, including several non-banks and alternative lenders. In addition, the BBB has in excess of 100 accredited lenders for the Coronavirus Business Interruption Loan Scheme (CBILS) and this includes several UK Fintechs.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/11/2020 08:35:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1173415

registered interest
date	27/01/2020
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, what progress he has made on creating an economic environment in which digital currencies can be developed.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	8202
answer	answer is ministerial correction date of answer 04/02/2020 answer text <p>The UK’s approach to cryptoassets was outlined in the 2018 Cryptoassets Taskforce report, and in July last year the FCA set out its position in relation to the regulatory perimeter in this space. The government and regulators have since taken steps to continue encouraging responsible innovation in this area, while also mitigating risks to consumers and markets.</p><p>For instance, this January the Treasury transposed the cryptoasset provisions set out in the EU Fifth Anti-Money Laundering Directive (5MLD). This will combat the risk of cryptoassets being used for illicit activity, in support of the government’s aims for the sector.</p><p>More broadly, the government is committed to creating an environment where tech businesses can thrive by investing in areas such as talent, cutting-edge research and growth finance. Venture capital investment in the UK tech sector grew by 44 per cent in 2019, from £7.1bn to £10.1bn. This was a faster growth rate than both the US and China.</p><p>The financial regulators continue to provide a platform that facilitates innovation in this space. For example, the Financial Conduct Authority has accepted a significant number of DLT-based projects into its Regulatory Sandbox to help enable the adoption of this technology to deliver better financial services with appropriate consumer safeguards.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/02/2020 11:51:13 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie