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1351205

registered interest
date	18/08/2021
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 potential value of Capital Gains Tax liability owed by UK residents in respect of Bitcoin trading and Decentralised Finance assets for each tax year from 2013-14 to date; what discussions he has had with representatives of the (a) Bank of England, (b) Prudential Regulation Authority (PRA) and (c) Financial Conduct Authority (FCA) on the potential merits of introducing a sterling-based cryptocurrency; what assessment he has taken of the potential effect of Bitcoin trading and Decentralised Finance on Money Supply measurements (i) M1, (ii) M2 and (iii) M3 and how that effect is measured; what assessment he has made for the implications of his Department’s policies on how the (A) PRA and (B) FCA will manage and control the Decentralised Finance transfer mechanisms in respect of the potential flow of assets and cash leaving the UK instantly; whether he plans to review the FCA’s regulatory (I) mechanisms and (II) performance in enforcing the banning of sales of cryptoasset derivatives to retail consumers; whether the FCA has introduced an authorisation and registration scheme for cryptoasset derivatives; what assessment he has made of the potential effect of the time taken to register cryptoasset derivatives with the FCA; what steps he is taking to ensure tax deriving from Bitcoin trading and Decentralised Finance is collected effectively; whether his Department has conducted an assessment of the potential merits of the FCA restricting UK banks from participating in the Decentralised Finance; what comparative assessment he has made of US and European financial firms’ participation in Decentralised Finance compared with that of UK firms; and for what reasons Euro clearing of financial instruments is moving out of the City of London.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	40791
answer	answer is ministerial correction date of answer 06/09/2021 answer text <p>No estimate has been made on the potential value of capital gains tax (CGT) that are due on gains from cryptoassets held as investments or any tax liabilities arising from decentralised finance (also known as DeFi). The self-assessment form does not currently separate capital gains made on cryptoassets from other assets. As a result, a reliable estimate for CGT due from cryptoassets would only be available at a disproportionate cost.</p><p> </p><p>The recently released cryptoassets manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both business accepting them as well as individuals using them. HMRC has taken action, including using powers provided by Parliament to gather data, to identify and investigate those that have failed to declare their tax liabilities.</p><p> </p><p>Regarding the possible merits of a sterling-based stablecoin, I refer the Honourable Gentleman to the answer given to PQ UIN 37102.</p><p> </p><p>On the issue of money supply, Bitcoin trading or decentralised finance will need to become a significant source of lending to the real economy in the UK before they have a notable impact on money supply measurements.</p><p> </p><p>Regarding the Financial Conduct Authority (FCA) and the Prudential Regulation Authority’s (PRA) role with respect to decentralised finance, I refer the Honourable Gentleman to the answer given to PQ UIN 37103.</p><p> </p><p>With regards to the FCA’s cryptoasset derivatives ban for retail consumers, the FCA stated that it found these products to be ill-suited for retail consumers due to potential harms, including the high risk of suffering losses. The FCA has noted that it will keep this prohibition under review. The FCA is an independent body and its decision to take the ban forward after consultation is based on powers granted to the FCA under statute, pursuant to the FCA’s objectives which include protecting consumers, enhancing market integrity and promoting competition.</p><p> </p><p>Regarding the possible merits of the FCA restricting UK banks’ access to decentralised finance, the FCA is an independent regulator, and considers the risks of banks engaging in decentralised finance as one of the many risks it considers. Most decentralised finance activities are not regulated in the UK. Accordingly, the Government does not have accurate information on the number of entities operating in the UK in comparison to the EU and the US.</p><p> </p><p>On the issue of clearing, the EU has granted a temporary equivalence decision to UK Central Counterparties (CCPs) which lasts until June 2022.</p><p>Therefore, without any further action by EU authorities, certain UK CCPs may need to begin offboarding EU clearing members by the end of March 2022 in order to be ready for equivalence expiring in June 2022.</p><p>However, letting equivalence expire in June next year would raise the cost of clearing for firms, particularly EU ones, and present significant financial stability risks. The Government therefore hopes that equivalence would not be allowed to expire in June 2022. As it stands, the Government has seen limited evidence of activity moving.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/09/2021 12:56:08 answering member 4051 label Biography information for John Glen
tabling member	1566 label Biography information for Daniel Kawczynski

1350531

registered interest
date	22/07/2021
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 the Government has made an assessment of the potential merits of introducing a sterling- based stable coin in the UK.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	37102
answer	answer is ministerial correction date of answer 06/09/2021 answer text <p>The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January. This set out the view that 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’s proposed approach would make sure stablecoins meet the same high standards we expect of other payment methods. 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>Alongside this, the UK, like many countries globally, is actively exploring the potential role of central bank digital currencies: an electronic form of central bank money that could be used by households and businesses to make payments. The Bank of England published a discussion paper in March 2020, which considered the possibility of a retail central bank digital currency.</p><p /><p>At Fintech Week 2021, the Chancellor announced a new Taskforce led by HM Treasury and the Bank of England to lead the UK’s exploration of a central bank digital currency, with separate forums to engage civil society and technology experts. The Taskforce aims to ensure a strategic approach is adopted between the UK authorities as they explore a central bank digital currency, in line with their statutory objectives, and to promote close coordination between them. The Government and the Bank of England have not yet made a decision on whether to introduce a central bank digital currency in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/09/2021 12:33:13 answering member 4051 label Biography information for John Glen
tabling member	1566 label Biography information for Daniel Kawczynski

1342894

registered interest
date	01/07/2021
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 has made of the potential (a) merits and (b) risks of cryptocurrencies a a means of payment.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	25820
answer	answer is ministerial correction date of answer 07/07/2021 answer text <p>The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January. 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’s proposed approach would make sure stablecoins meet the same high standards we expect of other payment methods. High volatility has been a notable feature of some cryptoassets, making them less suitable for payments and attractive to some holders as a high-risk speculative investment.</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> answering member constituency Salisbury answering member printed John Glen question first answered 07/07/2021 10:05:20 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1338314

registered interest
date	21/06/2021
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 what is their response to the research by the Financial Conduct Authority Cryptoasset consumer research 2021, published on 17 June, which estimates that 2.3 million people in the UK own cryptocurrencies and that 14 per cent of those borrowed money to invest in cryptocurrencies.
tabling member printed	Lord Lee of Trafford
uin	HL1250
answer	answer is ministerial correction date of answer 01/07/2021 answer text <p>The Government welcomes the FCA’s recent consumer research, which offers insights into the growth of the cryptoasset market in the UK over the past year.</p><p> </p><p>The Government is closely monitoring developments in the industry through the UK’s Cryptoassets Taskforce. HM Treasury and UK authorities have taken a series of actions to mitigate risks to stability and market integrity and prevent the use of cryptoassets in illicit activity.</p><p> </p><p>The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January. It also included a call for evidence on the use of Distributed Ledger Technology (DLT) in financial markets. This set out the Government’s position that new innovations in the sector could deliver substantial benefits, but also present new challenges and risks.</p><p> </p><p>Last year, the Government issued a consultation on 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><p> </p><p>To further protect consumers, the FCA has banned the sale of cryptoasset derivatives to retail consumers, and alongside the Bank of England has issued consumer warnings stating that consumers who invest in cryptoassets should be prepared to lose their money. Alongside this, the Government launched a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020.</p> answering member printed Lord Agnew of Oulton question first answered 01/07/2021 11:31:55 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1132 label Biography information for Lord Lee of Trafford

1329759

registered interest
date	04/06/2021
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 has plans to protect (a) long-term retail and (b) amateur investors in crypto-currencies; and what steps his Department plans to take in the event of significant or long-term falls in market values of the different types of (i) current and (ii) future cryptocurrencies.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	10689
answer	answer is ministerial correction date of answer 10/06/2021 answer text <p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority (FCA). The Taskforce’s objectives include exploring the risks and opportunities of cryptoassets, the potential benefits and challenges of Distributed Ledger Technology (DLT) in financial services; as well as assessing what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to mitigate risks to retail investors, stability, and market integrity, as well as preventing the use of cryptoassets in illicit activity.</p><p> </p><p>Last year, the Government issued a consultation on 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><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. Alongside this, the Government launched a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020.</p><p> </p><p>The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January. This set out the Government’s position that new innovations in the sector could deliver substantial benefits, but also present new challenges and risks. This consultation has now closed.</p><p> </p><p>The Government is processing 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>The Government continues to actively monitor emerging risks as this market continues to mature and stands ready to take further regulatory action if required.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/06/2021 08:58:03 answering member 4051 label Biography information for John Glen
tabling member	4799 label Biography information for Charlotte Nichols

1316417

registered interest
date	19/05/2021
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 Answer of 23 April 2021 to Question 180919 on Bitcoin: electricity, what his planned timescale is for providing a common definition for environmentally sustainable economy activities for (a) Bitcoin and (b) other crypto-currencies.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	3796
answer	answer is ministerial correction date of answer 26/05/2021 answer text <p>The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority, and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p> </p><p>In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2021 11:47:34 answering member 4051 label Biography information for John Glen
tabling member	318 label Biography information for John Spellar

1310200

registered interest
date	19/04/2021
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 has been made on the Government’s consultation on cryptocurrencies; and what assessment he has made of the adequacy of the scope of that consultation.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	183307
answer	answer is ministerial correction date of answer 26/04/2021 answer text <p>On 7 January HM Treasury published a consultation on the broader regulatory treatment of cryptoassets, with a focus on cryptoassets known as stablecoins. It also included a call for evidence on the use of Distributed Ledger Technology (DLT) in financial markets. This consultation has now closed. The Government is reviewing responses and will outline next steps in due course.</p><p> </p><p>The Government’s near-term priority is to ensure the framework supports the safe use of stablecoins. The Government continues to actively monitor emerging risks as this market continues to mature and stands ready to take further regulatory action if required.</p><p> </p><p>The Government also issued a consultation last year on a proposal to bring certain cryptoassets 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 apply to the financial services industry. The consultation is now closed, and the Government will be publishing its response in due course.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 26/04/2021 09:04:09 answering member 4051 label Biography information for John Glen
tabling member	4799 label Biography information for Charlotte Nichols

1302457

registered interest
date	15/03/2021
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 the energy being using to mine cryptocurrency will be discussed at COP26; and whether further regulation on that matter will be on the COP26 agenda.
tabling member constituency	North West Leicestershire
tabling member printed	Andrew Bridgen
uin	168929
answer	answer is ministerial correction date of answer 23/03/2021 answer text <p>The Government’s private finance 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.</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 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 Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority , and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 23/03/2021 11:41:31 answering member 4051 label Biography information for John Glen
tabling member	4133 label Biography information for Andrew Bridgen

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