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1037836
registered interest false more like this
date less than 2019-01-08more like thismore than 2019-01-08
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Distributed Ledger Technology 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, what (a) fiscal and (b) regulatory steps his Department is taking to (i) support UK and (ii) encourage overseas blockchain and crypto-based companies establish themselves in the UK. more like this
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes more like this
uin 206446 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-01-11more like thismore than 2019-01-11
answer text <p>The Government has invested over £10 million through Innovate UK and the research councils to support a wide variety of DLT related projects. The Government has also created a £20 million GovTech Catalyst Fund to explore technology-based solutions for public sector challenges, potentially including the use of DLT.</p><p> </p><p>The Government set out its approach to cryptoassets and the underlying distributed ledger technology (DLT) in the report of the Cryptoassets Taskforce<sub><sub>[1]</sub></sub>. The Government wants to encourage responsible development of legitimate distributed ledger technology (DLT) and cryptoasset-related activity in the UK, while also mitigating risks.</p><p> </p><p>The financial regulators continue to provide a platform that facilitates innovation and the development of new technologies in the financial system. For example, the Financial Conduct Authority has accepted a significant number of DLT-based projects into its Regulatory Sandbox. The Bank of England has also committed to ensure that its new RTGS service will be compatible with DLT-based payment systems.</p><p>[1] The full report of the HM Treasury/Financial Conduct Authority/Bank of England Cryptoassets Taskforce is available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf</p>
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2019-01-11T11:18:43.683Zmore like thismore than 2019-01-11T11:18:43.683Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4635
label Biography information for Eddie Hughes remove filter