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1289390

registered interest
date	24/02/2021
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 whether they plan to consider the energy use of cryptocurrencies as part of their preparations for COP26 and other international meetings on climate change during 2021; and what plans they have to investigate how cryptocurrencies affect their requirements for public and private sector organisations to meet climate change targets.
tabling member printed	Baroness Altmann
uin	HL13642
answer	answer is ministerial correction date of answer 10/03/2021 answer text <p>The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.</p><p> </p><p>The Cryptoasset Taskforce, comprising HM Treasury, the FCA, and the Bank of England, explores the impact of cryptoassets and assesses what, if any, regulation is required in response.</p><p> </p><p>The Government has already taken actions to signal a commitment to green technology, including a pledge to make Taskforce on Climate-related Financial Disclosures (TCFD) aligned financial disclosures mandatory across the economy by 2025, making the UK the first G20 nation to make such a commitment.</p><p> </p><p>Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.</p><p>The Government’s objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come. We must all do our part – we are working with the financial services sector, international financial institutions, central banks, regulators, and finance ministries to unlock rapid action at scale.</p><p> </p><p>The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation &amp; resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p> </p><p>The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor how cryptoassets are being used in the UK.</p> answering member printed Lord Agnew of Oulton question first answered 10/03/2021 12:54:59 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1173415

registered interest
date	27/01/2020
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 on creating an economic environment in which digital currencies can be developed.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	8202
answer	answer is ministerial correction date of answer 04/02/2020 answer text <p>The UK’s approach to cryptoassets was outlined in the 2018 Cryptoassets Taskforce report, and in July last year the FCA set out its position in relation to the regulatory perimeter in this space. The government and regulators have since taken steps to continue encouraging responsible innovation in this area, while also mitigating risks to consumers and markets.</p><p>For instance, this January the Treasury transposed the cryptoasset provisions set out in the EU Fifth Anti-Money Laundering Directive (5MLD). This will combat the risk of cryptoassets being used for illicit activity, in support of the government’s aims for the sector.</p><p>More broadly, the government is committed to creating an environment where tech businesses can thrive by investing in areas such as talent, cutting-edge research and growth finance. Venture capital investment in the UK tech sector grew by 44 per cent in 2019, from £7.1bn to £10.1bn. This was a faster growth rate than both the US and China.</p><p>The financial regulators continue to provide a platform that facilitates innovation in this space. For example, the Financial Conduct Authority has accepted a significant number of DLT-based projects into its Regulatory Sandbox to help enable the adoption of this technology to deliver better financial services with appropriate consumer safeguards.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/02/2020 11:51:13 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1151918

registered interest
date	23/10/2019
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 assessment he has made of the effectiveness of the regulation in the cryptocurrencies in the UK; and if he will make a statement.
tabling member constituency	Mid Sussex
tabling member printed	Sir Nicholas Soames
uin	4242
answer	answer is ministerial correction date of answer 28/10/2019 answer text <p>The Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA), published its report in October 2018. It concluded that strong action should be taken to address the risks associated with cryptoassets that fall within existing regulatory frameworks, and that further consultation and international coordination is required for those cryptoassets that pose new challenges to traditional forms of financial regulation, and fall outside the existing regulatory framework.</p><p> </p><p>Since the report, the FCA has consulted and issued final guidance on the regulatory perimeter in relation to cryptoassets, and HMT has consulted on the transposition of the 5th Anti-Money Laundering Directive (5AMLD), which will bring cryptoasset exchanges and custodian wallet providers within the scope of anti-money laundering and counter-terrorist financing regulation.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 28/10/2019 14:03:09 answering member 4051 label Biography information for John Glen
tabling member	116 label Biography information for Lord Soames of Fletching

1149881

registered interest
date	16/10/2019
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, with reference to the Financial Conduct Authority's consultation entitled, CP19/22: Restricting the sale to retail clients of investment products that reference cryptoassets, what the evidential basis is for the statement that the majority of investors in Exchange Traded Notes which reference cryptoassets were likely to suffer a loss over the long-term.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	948
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.</p><p>The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 488 490 496 497 498 500 question first answered 21/10/2019 15:14:19 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149423

registered interest
date	15/10/2019
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, how many formal complaints the Financial Conduct Authority has received from consumers in relation to the (a) sale and (b) distribution of Exchange Traded Notes that reference cryptoassets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	488
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.</p><p>The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 490 496 497 498 500 948 question first answered 21/10/2019 15:14:18 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149425

registered interest
date	15/10/2019
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, how many consultation responses the Financial Conduct Authority has received in opposition to the proposals in the consultation entitled, CP19/22 prohibiting the sale to retail clients of investment products that reference cryptoassets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	490
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.</p><p>The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 488 496 497 498 500 948 question first answered 21/10/2019 15:14:18 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149426

registered interest
date	15/10/2019
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 assessment he has made of the effect of the Financial Conduct Authority’s proposed ban of cryptoasset investment products for retail investors on (a) Revolut and (b) other challenger banks that offer products linked to cryptoassets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	491
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>The Financial Conduct Authority (FCA) made a commitment to consult on the potential prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets in the final report of the Cryptoasset Taskforce, comprised of HM Treasury, the Bank of England and the Financial Conduct Authority, in October 2018.</p><p> </p><p>The final decision on this consultation is a matter for the Financial Conduct Authority (FCA), which is operationally independent from government.</p><p> </p><p>The government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 494 499 question first answered 21/10/2019 15:19:06 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149429

registered interest
date	15/10/2019
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 assessment he has made of the effect on the UK’s status as a FinTech hub of the proposals by the Financial Conduct Authority to ban the sale of cryptoasset investment products for retail investors.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	494
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>The Financial Conduct Authority (FCA) made a commitment to consult on the potential prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets in the final report of the Cryptoasset Taskforce, comprised of HM Treasury, the Bank of England and the Financial Conduct Authority, in October 2018.</p><p> </p><p>The final decision on this consultation is a matter for the Financial Conduct Authority (FCA), which is operationally independent from government.</p><p> </p><p>The government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 491 499 question first answered 21/10/2019 15:19:06 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149431

registered interest
date	15/10/2019
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 estimate he has made of the number of companies in the Financial Conduct Authority’s (FCA) Regulatory Sandbox that would be affected by the FCA’s proposed ban on the sale to retail clients of investment products that reference cryptoassets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	496
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.</p><p>The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 488 490 497 498 500 948 question first answered 21/10/2019 15:14:18 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149432

registered interest
date	15/10/2019
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 the evidential basis was for the Financial Conduct Authority statement in its consultation that Exchange Traded Notes that reference cryptoassets present risks to investors that are similar to Contract for Difference products which reference cryptoassets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	497
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.</p><p>The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 488 490 496 498 500 948 question first answered 21/10/2019 15:14:18 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies