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820730
registered interest false more like this
date less than 2018-01-11more like thismore than 2018-01-11
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
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 recent discussions he has had with officials from the Financial Conduct Authority on consumer protection with respect to (a) the marketing of and (b) the regulatory environment for crypto-currencies; and if he will make a statement. more like this
tabling member constituency West Ham more like this
tabling member printed
Lyn Brown more like this
uin 122148 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-01-16more like thismore than 2018-01-16
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. This includes regular meetings with the Financial Conduct Authority to discuss relevant regulatory issues, including the regulation of crypto-currencies.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations are published on a quarterly basis and are available at:</p><p> </p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p> more like this
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2018-01-16T16:46:10.673Zmore like thismore than 2018-01-16T16:46:10.673Z
answering member
4051
label Biography information for John Glen more like this
tabling member
1583
label Biography information for Ms Lyn Brown more like this
809812
registered interest false more like this
date less than 2017-12-19more like thismore than 2017-12-19
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what assesment he has made of the potential risks to the UK economy and markets posed by Bitcoin and other digital currencies. more like this
tabling member constituency Leeds North West more like this
tabling member printed
Alex Sobel more like this
uin 120432 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-01-08more like thismore than 2018-01-08
answer text <p>The independent Financial Policy Committee (FPC), established by the Government, aims to ensure the UK financial system is resilient to, and prepared for, the wide range of risks it could face — so that the system could support the real economy, even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor developments, and provided its latest assessment of the risks to financial stability in the Financial Stability Report, published in November 2017.</p> more like this
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
question first answered
less than 2018-01-08T16:49:18.93Zmore like thismore than 2018-01-08T16:49:18.93Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4658
label Biography information for Alex Sobel more like this
809006
registered interest false more like this
date less than 2017-12-18more like thismore than 2017-12-18
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what the value of assets held by the Government in digital currencies is. more like this
tabling member constituency Islwyn more like this
tabling member printed
Chris Evans more like this
uin 120115 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-20more like thismore than 2017-12-20
answer text <p>The Government does not have any holdings of digital currencies.</p> more like this
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
question first answered
less than 2017-12-20T17:00:24.013Zmore like thismore than 2017-12-20T17:00:24.013Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4040
label Biography information for Chris Evans more like this
804332
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
Home Office more like this
answering dept id 1 more like this
answering dept short name Home Office more like this
answering dept sort name Home Office more like this
hansard heading Cryptocurrencies remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for the Home Department, what size of holdings of Bitcoin and other crypto-currencies have been seized by police and national crime agencies in the last 12 months. more like this
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes more like this
uin 118574 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-18more like thismore than 2017-12-18
answer text <p>This information is not held centrally.</p> more like this
answering member constituency Wyre and Preston North more like this
answering member printed Mr Ben Wallace more like this
question first answered
less than 2017-12-18T12:32:28.607Zmore like thismore than 2017-12-18T12:32:28.607Z
answering member
1539
label Biography information for Mr Ben Wallace more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804333
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what holdings of Bitcoin and other crypto-currencies are held by the Government. more like this
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes more like this
uin 118575 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
answer text <p>HM Treasury does not have any holdings of Bitcoin or other crypto-currencies. HM Treasury and the Bank of England publish details of the UK’s current international reserves, including foreign currency assets, on a monthly basis.</p> more like this
answering member constituency Harrogate and Knaresborough more like this
answering member printed Andrew Jones more like this
question first answered
less than 2017-12-19T14:01:00.667Zmore like thismore than 2017-12-19T14:01:00.667Z
answering member
3996
label Biography information for Andrew Jones more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804334
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the risks to the UK economy of the potential failure of Bitcoin and other crypto-currencies. more like this
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes more like this
uin 118577 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
answer text <p>The independent Financial Policy Committee (FPC), established by the Government, aims to ensure the UK financial system is resilient to, and prepared for, the wide range of risks it could face — so that the system could support the real economy, even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor developments, and provided its latest assessment of the risks to financial stability in the Financial Stability Report, published in November 2017.</p><p> </p><p>In addition, the Financial Conduct Authority (FCA) has stated that it will continue to monitor distributed ledger technology (DLT)-related market developments, working collaboratively with industry, HM Treasury, the Bank of England, the Information Commissioner’s Office, and other UK bodies to ensure a coordinated approach towards DLT in the UK.</p> more like this
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
question first answered
less than 2017-12-19T15:36:16.863Zmore like thismore than 2017-12-19T15:36:16.863Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
804335
registered interest false more like this
date less than 2017-12-11more like thismore than 2017-12-11
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the value to the UK economy of Bitcoin and other cryptocurrencies. more like this
tabling member constituency Walsall North more like this
tabling member printed
Eddie Hughes more like this
uin 118579 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-12-19more like thismore than 2017-12-19
answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> more like this
answering member constituency North East Cambridgeshire more like this
answering member printed Stephen Barclay more like this
grouped question UIN 118581 more like this
question first answered
less than 2017-12-19T14:05:17.2Zmore like thismore than 2017-12-19T14:05:17.2Z
answering member
4095
label Biography information for Steve Barclay more like this
tabling member
4635
label Biography information for Eddie Hughes more like this
788894
registered interest false more like this
date less than 2017-11-14more like thismore than 2017-11-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have to examine (1) the regulatory framework for digital currencies, and (2) the policies of the UK banking sector towards the providers of digital currencies and their employees. more like this
tabling member printed
Lord Harris of Haringey more like this
uin HL3203 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-11-21more like thismore than 2017-11-21
answer text <p>The Government keeps all policy under review. The Government is currently negotiating amendments to the 4th Anti-Money Laundering Directive that we expect to bring virtual currency exchange platforms and custodian wallet providers into the scope of Anti-Money Laundering and Counter-Terrorist Financing regulation. This will require such firms to conduct due diligence upon their customers, with their activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018. The stance of individual firms towards providers of digital currencies is a commercial decision for those firms, and it would not be appropriate for the Government to intervene.</p><p> </p><p>Last month, the Financial Conduct Authority issued a consumer warning about the risks of Initial Coin Offerings (ICOs). It advised consumers to be conscious of the risks involved (including the possible lack of regulation and investor protection, price volatility and potential for fraud) and to fully research the project before investing. The Financial Conduct Authority (FCA) also noted that whether an ICO falls within the FCA’s regulatory boundaries or not can only be decided case by case.</p><p> </p><p> </p>
answering member printed Lord Bates more like this
question first answered
less than 2017-11-21T14:19:03.673Zmore like thismore than 2017-11-21T14:19:03.673Z
answering member
1091
label Biography information for Lord Bates more like this
tabling member
2671
label Biography information for Lord Harris of Haringey more like this
788895
registered interest false more like this
date less than 2017-11-14more like thismore than 2017-11-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have to make running a virtual digital currency exchange a supervised business. more like this
tabling member printed
Lord Harris of Haringey more like this
uin HL3204 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-11-21more like thismore than 2017-11-21
answer text <p>The Government is currently negotiating amendments to the 4th Anti-Money Laundering Directive that we expect to bring virtual currency exchange platforms and custodian wallet providers into the scope of Anti-Money Laundering and Counter-Terrorist Financing regulation. This will require such firms to conduct due diligence upon their customers, with their activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018.</p> more like this
answering member printed Lord Bates more like this
question first answered
less than 2017-11-21T14:19:44.567Zmore like thismore than 2017-11-21T14:19:44.567Z
answering member
1091
label Biography information for Lord Bates more like this
tabling member
2671
label Biography information for Lord Harris of Haringey more like this
788896
registered interest false more like this
date less than 2017-11-14more like thismore than 2017-11-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Cryptocurrencies remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether they intend to bring forward proposals to bring digital currency exchanges under money laundering regulations. more like this
tabling member printed
Lord Harris of Haringey more like this
uin HL3205 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-11-28more like thismore than 2017-11-28
answer text <p>The Government is currently negotiating amendments to the 4th Money Laundering Directive that we expect to bring virtual currency exchange platforms and custodian wallet providers into the scope of Money Laundering and Counter-Terrorist Financing regulation. This will require such firms to conduct due diligence upon their customers, with their activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018.</p> more like this
answering member printed Lord Bates more like this
question first answered
less than 2017-11-28T13:06:26.833Zmore like thismore than 2017-11-28T13:06:26.833Z
answering member
1091
label Biography information for Lord Bates more like this
tabling member
2671
label Biography information for Lord Harris of Haringey more like this