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registered interest false more like this
date less than 2022-06-01more like thismore than 2022-06-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cryptocurrencies: Regulation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 11630 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-13more like thismore than 2022-06-13
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 more like this
answering member printed John Glen more like this
question first answered
remove filter
answering member
4051
label Biography information for John Glen more like this
tabling member
1586
label Biography information for Adam Afriyie more like this