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865200

	registered interest
	date	16/03/2018
	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 Mr Chancellor of the Exchequer, what discussions his Department has had with its international counterparts on developing regulations for crypto-currencies.
	tabling member constituency	Brigg and Goole
	tabling member printed	Andrew Percy
	uin	133067
	answer	answer is ministerial correction date of answer 20/03/2018 answer text <p>I refer the Hon. Member to the answer given on 1 March 2018 to PQ UIN 129437.</p> answering member constituency North West Leicestershire answering member printed Andrew Bridgen question first answered 20/03/2018 15:52:53 answering member 4133 label Biography information for Andrew Bridgen
	tabling member	3939 label Biography information for Andrew Percy

1581275

	registered interest
	date	26/01/2023
	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 recent assessment his Department has made of the adequacy of regulation of crypto-currencies.
	tabling member constituency	Bristol North West
	tabling member printed	Darren Jones
	uin	133723
	answer	answer is ministerial correction date of answer 02/02/2023 answer text <p>The government believes that having robust and effective regulation will boost innovation - by giving people and businesses the confidence they need to use new technologies safely</p><p> </p><p>A consultation on the future financial services regulatory regime for cryptoasset activities was published here: <a href="https://www.gov.uk/government/consultations/future-financial-services-regulatory-regime-for-cryptoassets" target="_blank">https://www.gov.uk/government/consultations/future-financial-services-regulatory-regime-for-cryptoassets</a> on Wednesday 1 February.</p><p> </p><p>In addition to this, the Financial Services and Markets Bill ensures that the Treasury can establish the legislative framework for regulating cryptoassets and stablecoins.</p><p> </p><p>The government has already taken steps to bring certain cryptoasset activities into the scope of UK regulation. Since January 2020, cryptoasset firms operating in the UK have been subject to the Money Laundering Regulations. To protect consumers, on 18 January 2022, the Government set out its intention to legislate to bring certain cryptoassets into financial promotion regulation and published a further policy statement here: <a href="https://www.gov.uk/government/consultations/cryptoasset-promotions" target="_blank">https://www.gov.uk/government/consultations/cryptoasset-promotions</a> on Wednesday 1 February.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 02/02/2023 12:19:23 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4621 label Biography information for Darren Jones

1654064

	registered interest
	date	18/07/2023
	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, whether his Department plans to give the Financial Conduct Authority further powers to regulate crypto-related companies.
	tabling member constituency	Poplar and Limehouse
	tabling member printed	Apsana Begum
	uin	194933
	answer	answer is ministerial correction date of answer 26/07/2023 answer text <p>HMT published a public consultation on 1 February 2023 on the ‘Future financial services regulatory regime for cryptoassets’, outlining how the Government will set the regulatory perimeter for the FCA to make rules regulating crypto-related companies. Under these proposals, firms providing cryptoasset services would need to become FCA authorised and meet a range of new requirements, including (for example) prudential, data reporting, consumer protection, location policy and operational resilience requirements.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/07/2023 12:56:37 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4790 label Biography information for Apsana Begum

1654909

	registered interest
	date	20/07/2023
	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 has he made of the adequacy of the capacity of the Financial Conduct Authority to regulate cryptocurrencies.
	tabling member constituency	Vale of Glamorgan
	tabling member printed	Alun Cairns
	uin	195427
	answer	answer is ministerial correction date of answer 04/09/2023 answer text <p>The government is proposing an approach to cryptoasset regulation under which firm requirements are designed and implemented by the independent regulators to ensure an agile regime able to respond to developments in the sector. The recent Financial Services and Markets Act included powers to bring stablecoins and cryptoasset activities within the FCA regulatory perimeter.</p><p> </p><p>The FCA completed its Transformation Programme in March 2023 seeking to make the FCA a more innovative, assertive and adaptive regulator. It involved significant investment in the FCA’s systems and capabilities to enable better use of data and intelligence to regulate 50,000 firms effectively and efficiently. Further information on the delivery of the Transformation Programme is contained in the FCA Annual Report 2022-2023</p><p> </p><p>The Government will continue to regularly discuss delivery of the Transformation Programme with the FCA to monitor progress.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 04/09/2023 12:07:25 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4086 label Biography information for Alun Cairns

1490027

	registered interest
	date	18/07/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Regulation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to create a bespoke regulatory framework for the UK cryptoasset sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL1885
	answer	answer is ministerial correction date of answer 22/07/2022 answer text <p>At Fintech Week 2022, the Government set out our firm ambition to make Britain a global hub for cryptoasset technology and investment. The UK is committed to creating a regulatory environment in which firms can innovate, while crucially maintaining financial stability and regulatory standards so that people can use new technologies both reliably and safely.</p><p> </p><p>The UK is taking a dynamic approach to engagement with the industry, and the government has committed to consult later this year on the broader regulation of cryptoassets, as part of a staged approach to developing a world-leading regime for cryptoasset activities.</p> answering member printed Baroness Penn question first answered 22/07/2022 10:03:20 answering member 4726 label Biography information for Baroness Penn
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1701800

	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: Regulation
	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 help ensure that the new regulatory framework for crypto assets and stablecoins will (a) enhance the UK's global competitiveness in fintech and (b) protect consumers from the volatility and risks associated with digital currencies.
	tabling member constituency	Slough
	tabling member printed	Mr Tanmanjeet Singh Dhesi
	uin	22360
	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 22361 22362 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

1701801

	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: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what regulatory measures are in place to ensure the stability and security of investments in cryptocurrencies; and whether any additional measures are being considered.
	tabling member constituency	Slough
	tabling member printed	Mr Tanmanjeet Singh Dhesi
	uin	22361
	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 22362 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

1132897

	registered interest
	date	18/06/2019
	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 recent assessment he has made of the adequacy of the regulation of cryptocurrencies in the UK.
	tabling member constituency	Luton South
	tabling member printed	Mr Gavin Shuker
	uin	266197
	answer	answer is ministerial correction date of answer 24/06/2019 answer text <p>The Government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report<sup><sup>[1]</sup></sup> set out commitments to further consider the regulatory approach to cryptoassets.</p><p> </p><p>The Government has recently consulted on plans to go beyond the requirements set out in the EU’s Fifth Anti-Money Laundering Directive to bring all relevant cryptoasset firms into anti-money laundering regulation.</p><p> </p><p>The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>[1] <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 24/06/2019 13:27:20 answering member 4051 label Biography information for John Glen
	tabling member	4013 label Biography information for Mr Gavin Shuker

1331981

	registered interest
	date	10/06/2021
	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, with reference to the Government’s consultation on the regulatory approach to cryptoassets and stablecoins, which closed on 21 March 2021, whether it remains the Government’s policy to create a regulatory environment in which cryptoasset firms can innovate.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	13898
	answer	answer is ministerial correction date of answer 18/06/2021 answer text <p>The Government is committed to retaining the UK’s global leadership position in fintech by creating a regulatory environment which promotes innovation whilst maintaining the highest regulatory standards, including for anti-money and counter-terrorist financing. Having an effective anti-money laundering and counter-terrorist financing regime underpins the competitiveness of British financial services firms and the UK as a whole, by providing confidence that our financial system is clean and safe, and that new technologies can be used both reliably and safely.</p><p> </p><p>Any steps taken in light of the consultation on the Government’s regulatory approach to cryptoassets will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p><p> </p><p>In order to properly assess whether a cryptoasset firm meets the requirements for registration set out in the Money Laundering Regulations, the FCA are required to assess whether a firm and its officers, managers or beneficial owners are “fit and proper” with regard to the risk of money laundering or terrorist financing. The FCA are therefore assessing firms’ business models holistically, and it has been necessary, in many cases, for them to request additional information from the applicant firm. A significant reason for this has been that many applications have contained insufficient information on their business mode and evidence to demonstrate that the firm meets the required standard. The application process for cryptoasset firms has therefore taken longer than originally anticipated.</p><p> </p><p>The mean length of time in days that a cryptoasset firm has had their application for registration under review by the FCA is 248 days. The median length of time in days that a company has had their application for registration under review is 252 days. The maximum length of time in days that a company has had their application for registration under review is 527 days.</p><p> </p><p>The Government believes that the FCA’s expertise in the regulation of financial products, its membership of the Cryptoasset Taskforce, and its experience as anti-money laundering supervisor for other asset-based financial services firms makes it the right supervisor for the cryptoasset sector. As a result of the longer than anticipated time being taken to process applications, I can confirm that the FCA has increased considerably the resources allocated to assessing applications.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 13887 13888 13889 13890 13891 13892 13893 13894 13895 13897 13899 13900 13901 question first answered 18/06/2021 10:56:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1345865

	registered interest
	date	12/07/2021
	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 comparative assessment he has made of the Financial Conduct Authority's regulatory approach to (a) digital and (b) currencies; what recent assessment he has made of the potential effect of UK financial regulation of digital currencies on their development; what assessment he had made of the adequacy of the steps being taken to support new business and innovation in this area in the UK; and if he will make a statement.
	tabling member constituency	Shrewsbury and Atcham
	tabling member printed	Daniel Kawczynski
	uin	31366
	answer	answer is ministerial correction date of answer 15/07/2021 answer text <p>The Government is committed to retaining its global leadership position in fintech and fully recognises its important role in delivering better financial services for people and businesses. The Government also believes that, in practice, this means creating a regulatory environment in which firms can innovate, while crucially maintaining the highest regulatory standards so that people can use new technologies both reliably and safely. This is essential for continuing confidence in the financial system more broadly.</p><p> </p><p>On 10 January 2020, the FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for cryptoassets firms. A robust AML regime for cryptoassets will help to bolster confidence in the UK as a safe and reputable place to start and grow a cryptoasset business.</p><p> </p><p>To further protect consumers, the FCA has banned the sale of cryptoasset derivatives to retail consumers, and recently issued a warning stating that consumers who invest in cryptoassets should be prepared to lose their money.</p><p> </p><p>The Government has also proposed several further changes to respond to cryptoassets. On 7 January launched a consultation on its regulatory approach to cryptoassets and stablecoins. This set out the view that new and emerging forms of cryptoassets, known as stablecoins, which seek to stabilise their value, could be used as widespread means of payment and potentially deliver improvements in cross-border transactions. At the same time, depending on scale and nature of use, these developments could pose similar financial stability and consumer risks as traditional regulated payment systems.</p><p> </p><p>The Government is considering responses and will outline next steps in due course. Any steps taken in light of this consultation will aim to balance the potential risk to consumers with the ambition to foster competition and innovation in the sector.</p><p> </p><p>This measure is being consider alongside a proposal to bring certain cryptoassets, including Bitcoin, into the scope of financial promotions regulation. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity, and accuracy that pertain in the financial services industry. The Government will be publishing its response in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/07/2021 14:24:54 answering member 4051 label Biography information for John Glen
	tabling member	1566 label Biography information for Daniel Kawczynski