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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

1462930

registered interest
date	16/05/2022
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 plans they have to lay regulations that (1) define what a stable coin is, and (2) require particular (a) forms, and (b) levels, of collateral for such coins.
tabling member printed	Lord Taylor of Warwick
uin	HL282
answer	answer is ministerial correction date of answer 24/05/2022 answer text <p>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> </p><p>As set out in the Government’s response document, with respect to stablecoins used as a means of payment, the government proposes that regulation should capture all stablecoins that reference fiat currencies, including a single currency stablecoin or stablecoin based on a basket of currencies.</p><p> </p><p>The financial services regulators will be required to consult on rules associated with this legislation in due course, including on assets or funds backing the stablecoin where relevant.</p><p><strong> </strong></p> answering member printed Baroness Penn question first answered 24/05/2022 14:34:48 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1462519

registered interest
date	12/05/2022
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, what estimate he has made of the number of UK adults who have money held on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1254
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1256 1257 question first answered 19/05/2022 07:37:48 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462520

registered interest
date	12/05/2022
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, what estimate he has made of the total value of money held by UK adults on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1255
answer	answer is ministerial correction date of answer 18/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/05/2022 11:00:47 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462524

registered interest
date	12/05/2022
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, what estimate he has made of the average value of the money held by UK adults on crypto exchanges.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1256
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1254 1257 question first answered 19/05/2022 07:37:50 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1462533

registered interest
date	12/05/2022
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, what estimate he has made of the average value of the money held by UK adults on crypto exchanges who give their reason for buying cryptocurrencies as a gamble that could make or lose money.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	1257
answer	answer is ministerial correction date of answer 19/05/2022 answer text <p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>Additionally, the FCA explored consumers’ reasons for buying cryptocurrencies and found that 38% of crypto users bought their cryptocurrencies “as a gamble to make or lose money”. This reasoning was down 9 percentage points on 2020, where 47% of users bought their cryptocurrencies “as a gamble”.</p><p> </p><p>The Cryptoasset Taskforce – HM Treasury, the Bank of England, the FCA and the Payment Systems Regulator (PSR) – continues to monitor ongoing development in cryptoasset markets, and is taking forward a number of regulatory initiatives to manage risks and support innovation.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 1254 1256 question first answered 19/05/2022 07:37:50 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1461847

registered interest
date	11/05/2022
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, what progress he has made towards making the UK an attractive place for cryptocurrency companies to operate.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	701
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>The government set out at Fintech Week our firm ambition to make Britain a global hub for cryptoasset technology and investment. 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>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><p> </p><p>These commitments are in line with our objectives to create a regulatory environment in which firms can innovate, while crucially ensuring financial stability and high regulatory standards so that people can use new technologies both reliably and safely.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:47:07 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1462176

registered interest
date	11/05/2022
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, what assessment he has made of the impact of the collapse in the value of cryptocurrency on financial stability in the UK.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	893
answer	answer is ministerial correction date of answer 18/05/2022 answer text <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. The FPC also noted that crypto-technologies are growing and becoming more interconnected with the core financial system, and the government is working to ensure that the authorities have the appropriate tools to manage associated risks.</p><p> </p><p>In April the government announced a number of specific reforms to strengthen crypto asset regulation, including a commitment to bring stablecoins into payments regulation, and to consult on a wider regulatory regime later this year. Internationally, the Treasury is working through the Financial Stability Board to assess and develop supervisory and regulatory approaches to address global financial stability risks posed by cryptoassets, including market risks driven by price volatility.</p><p> </p><p>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.</p><p> </p><p>Working with the Bank of England and FCA, the Treasury will continue to monitor developments in crypto asset markets closely.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 18/05/2022 07:47:06 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1455636

registered interest
date	29/03/2022
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 when they intend to publish their response to their consultation on the UK regulatory approach to cryptoassets and stablecoins, which closed on 21 March 2021.
tabling member printed	Lord Cromwell
uin	HL7417
answer	answer is ministerial correction date of answer 05/04/2022 answer text <p>On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.</p><p> </p><p>The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.</p> answering member printed Baroness Penn grouped question UIN HL7418 question first answered 05/04/2022 13:45:15 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

1455637

registered interest
date	29/03/2022
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 benefits of stablecoins, including as an efficient means of payment.
tabling member printed	Lord Cromwell
uin	HL7418
answer	answer is ministerial correction date of answer 05/04/2022 answer text <p>On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.</p><p> </p><p>The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.</p> answering member printed Baroness Penn grouped question UIN HL7417 question first answered 05/04/2022 13:45:15 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell