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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

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

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

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

1551530

registered interest
date	14/12/2022
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, whether his Department has made a recent assessment of the potential merits of introducing further regulations for (a) cryptocurrency exchanges and (b) other aspects of cryptocurrency markets.
tabling member constituency	Southport
tabling member printed	Damien Moore
uin	110841
answer	answer is ministerial correction date of answer 21/12/2022 answer text <p>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 and businesses can use new technologies both reliably and safely.</p><p> </p><p>The Financial Services and Markets Bill will bring stablecoins within the regulatory perimeter where they are used as a form of payment. This legislation will ensure that the UK’s regulatory framework is equipped to harness benefits of stablecoins, supporting the adoption of cutting-edge technologies, while mitigating the potential risks.</p><p> </p><p>HM Treasury will consult on an approach to regulating a wider set of cryptoasset activities in the coming weeks.</p><p> </p><p> </p><p>The Financial Services and Markets Bill also ensures that cryptoassets may be regulated within the existing financial services regulatory framework.</p><p> </p><p>In addition to this, in January 2022 the government published a response to a consultation on a proposal to bring certain cryptoassets into the scope of financial promotions regulation. The forthcoming legislation, and supporting FCA rules, will regulate in-scope cryptoasset financial promotions, requiring them to be fair, clear and not misleading.</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/12/2022 09:09:42 answering member 4051 label Biography information for John Glen
tabling member	4669 label Biography information for Damien Moore

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

1490392

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	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) the Secretary of State for Digital, Culture, Media and Sport, (b) the Gambling Commission and (c) the Financial Conduct Authority on the regulation of crypto-based products and services.
tabling member constituency	Cardiff West
tabling member printed	Kevin Brennan
uin	38529
answer	answer is ministerial correction date of answer 22/07/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the Bank of England, the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), continues to monitor ongoing development in cryptoasset markets, and is taking forward a range of regulatory measures to mitigate market integrity risks, protect consumers and support innovation in the cryptoasset market.</p><p> </p><p>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 later this year to bring certain cryptoassets into financial promotion regulation. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that exist in the financial services industry. Additionally, on the 20 July, the government introduced the Financial Services and Markets Bill, which includes a measure allowing HM Treasury to bring stablecoins, where used as a means of payment, within the UK regulatory perimeter.</p><p> </p><p>The government has committed to consult later this year on the broader regulation of cryptoassets.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 22/07/2022 08:46:12 answering member 3912 label Biography information for Richard Fuller
tabling member	1400 label Biography information for Kevin Brennan

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

1472250

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: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to introduce regulation on (a) cryptocurrencies and (b) other decentralised financial assets in the UK.
tabling member constituency	Southport
tabling member printed	Damien Moore
uin	22515
answer	answer is ministerial correction date of answer 27/06/2022 answer text <p>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>The Government has already taken forward a series of regulatory measures to protect consumers, manage market integrity risks and support innovation. Since 2020 the FCA has been the anti-money laundering supervisor for cryptoasset firms. In January 2022 the Government confirmed the intention 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>On April 4 the Government published its response to its 2021 consultation on the UK’s regulatory approach to stablecoins. It also included a call for evidence on the use of Distributed Ledger Technology (DLT) in financial markets. The legislation to bring stablecoins, where used as a means of payment, within the regulatory perimeter is expected to be part of the forthcoming Financial Services and Markets Bill announced in the Queen’s Speech on 10 May. The Bill will be introduced later in the session when parliamentary time allows.</p><p>Further, the Government considers that some cryptoassets may already fall within the relevant UK legal frameworks. However, this also depends on the structure of the token and nature of the activities concerned.</p><p>At Fintech Week 2022, the Government announced its commitment to consult on a world-leading regime for a broader set of cryptoasset activities this year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/06/2022 13:54:18 answering member 4051 label Biography information for John Glen
tabling member	4669 label Biography information for Damien Moore