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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

1695573

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to mitigate any risks associated with trading crypto-backed exchange traded notes by professional investors, particularly in relation to market manipulation and investor protection.
tabling member printed	Lord Taylor of Warwick
uin	HL3223
answer	answer is ministerial correction date of answer 25/03/2024 answer text The question of whether to allow the listing of exchange-traded products that reference cryptoassets is a matter for the Financial Conduct Authority as the independent regulator. answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:31:31 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1660613

registered interest
date	13/09/2023
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 steps he is taking to encourage cryptocurrency companies to operate in the UK.
tabling member constituency	Sunderland Central
tabling member printed	Julie Elliott
uin	199391
answer	answer is ministerial correction date of answer 16/10/2023 answer text <p>In April 2022, the government set out ambitious plans for the UK to harness the benefits of crypto technologies. It is taking forward a number of measures to both foster innovation and implement a regulatory framework that encourages responsible participation in cryptoasset markets.</p><p> </p><p>HM Treasury recently finished consulting on wide-ranging proposals for cryptoasset regulation, aimed at placing the UK at the forefront of crypto innovation and responding to risks in the market. These proposals seek to provide the regulatory clarity needed for long-term investment, innovation, consumer protection, and financial stability for cryptoassets firms to operate in the UK. The government will publish a response to the consultation in due course.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 16/10/2023 09:10:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	4127 label Biography information for Julie Elliott

1542806

registered interest
date	16/11/2022
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 had recent discussions with relevant stakeholders on the potential merits of establishing a cryptocurrency managed by the Government.
tabling member constituency	East Lothian
tabling member printed	Kenny MacAskill
uin	89041
answer	answer is ministerial correction date of answer 21/11/2022 answer text <p>The UK, like many other countries globally, is actively exploring the potential role of a Central Bank Digital Currency (CBDC). The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK. The Government is engaging widely with a diverse range of stakeholders on the benefits, risks and practicalities of doing so. The Government has committed to publishing a joint consultation from HM Treasury and the Bank of England setting out their assessment of the case for a UK CBDC.</p><p> </p><p>In April 2021 the Government announced a new joint HMT and Bank of England CBDC Taskforce to coordinate the exploration of a potential UK CBDC. This Taskforce ensures a strategic approach to CBDC work underpinned by effective coordination between UK authorities – including Government departments, financial regulators, HMT and the Bank of England.</p><p> </p><p>In April 2021 the Treasury also announced a new stakeholder Engagement Forum and Technology Forum. These groups are engaging with a broad range of stakeholders and technology experts on various issues relating to the exploration of a possible UK CBDC, including on risks, benefits, and technical design. The Bank received diverse applications from across industry for membership of both of these groups, and final membership is public. The minutes have been published on the Bank of England Website.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/11/2022 11:08:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4772 label Biography information for Kenny MacAskill

1472056

registered interest
date	21/06/2022
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 towards making the UK an attractive place for cryptocurrency companies to operate.
tabling member constituency	Stockton South
tabling member printed	Matt Vickers
uin	22601
answer	answer is ministerial correction date of answer 27/06/2022 answer text <p>The Government set out at Fintech Week our firm ambition to make Britain a global hub for cryptoasset technology and investment. The Government wants to ensure firms can invest, innovate and scale up in this country. And the Government has announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.</p><p> </p><p>These include committing to consult on a future regulatory regime later this year; legislating to bring stablecoins into payments regulation; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/06/2022 13:36:50 answering member 4051 label Biography information for John Glen
tabling member	4844 label Biography information for Matt Vickers

1471263

registered interest
date	16/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
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 (1) safety, and (2) security, of cryptocurrencies.
tabling member printed	Baroness Kennedy of Cradley
uin	HL1036
answer	answer is ministerial correction date of answer 27/06/2022 answer text <p>In April the Government announced a number of specific reforms to strengthen cryptoasset regulation, including a commitment to bring stablecoins into payments regulation, and to consult on a wider cryptoasset regulatory regime later this year. The Government has also announced forthcoming legislation which, along with supportive Financial Conduct Authority (FCA) rules, will regulate in-scope cryptoasset financial promotions, requiring them to be fair, clear and not misleading for consumers. The Government has taken action to mitigate the illicit finance risks associated with cryptoassets. All cryptoasset firms in the UK must now be registered for supervision by the Financial Conduct Authority. As a part of this process, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market and any officers, managers and beneficial owners must be fit and proper.</p><p> </p><p>These commitments are in line with the Government’s objectives to create 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. The Cryptoasset Taskforce – HMT, the Bank of England, and the FCA – continues to monitor ongoing development in cryptoasset markets closely.</p><p> </p><p>Volatility is a characteristic of certain cryptoassets. The FCA and Bank of England have warned that cryptoassets are high risk investments, and that investors should be prepared to lose all of their money.</p><p> </p><p>The Bank of England’s Financial Policy Committee (FPC) has recently noted that direct risks to the stability of the UK financial system from cryptoassets are limited, and that crypto technologies are growing and becoming more interconnected with the core financial system.</p> answering member printed Baroness Penn question first answered 27/06/2022 16:14:17 answering member 4726 label Biography information for Baroness Penn
tabling member	4303 label Biography information for Baroness Kennedy of Cradley

1465166

registered interest
date	23/05/2022
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, pursuant to the Answer of 19 May 2022 to Question 1257 on Cryptocurrencies, if he will provide the 2022 estimate for the proportion of UK adults holding money on crypto exchanges who give their reason for buying cryptocurrencies as a gamble to make or lose money.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	6852
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Financial Conduct Authority plan to re-run the UK cryptoassets consumer research later this year.</p><p> </p><p>There is currently no 2022 estimate for the proportion of UK adults holding money on crypto exchanges who give their reason for buying cryptocurrencies as a gamble to make or lose money.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:21:36 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1463696

registered interest
date	17/05/2022
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, in addition to introducing stablecoin regulation, what other steps he plans to take to encourage cryptocurrency firms to (a) remain in and (b) return to the UK.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	3490
answer	answer is ministerial correction date of answer 24/05/2022 answer text <p>At Fintech Week, the government set out the firm ambition to make Britain a global hub for cryptoasset technology and investment. We want to ensure firms can invest, innovate and scale up in this country. And we have announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.</p><p> </p><p>In addition to legislating to bring stablecoins into payments regulation, these include committing to consult on future regulation of a broader set of cryptoasset activities later this year; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.</p><p> </p><p>These commitments are in line with our objectives to create 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> answering member constituency Salisbury answering member printed John Glen question first answered 24/05/2022 09:01:51 answering member 4051 label Biography information for John Glen
tabling member	1447 label Biography information for Andrew Rosindell