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1403691

	registered interest
	date	17/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of (1) the size of the market for (a) cryptocurrencies, and (b) other digital assets, in the UK, and (2) the need for legislation to facilitate a well-regulated market of these; whether they have any plans to introduce legislation in order to regular this market; and if so, what is the timetable for that legislation.
	tabling member printed	Lord Cromwell
	uin	HL5422
	answer	answer is ministerial correction date of answer 31/01/2022 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 Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p> answering member printed Viscount Younger of Leckie grouped question UIN HL5423 HL5425 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2594 label Biography information for Lord Cromwell

1403696

	registered interest
	date	17/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to teach consumers about the (1) nature, (2) taxation, and (3) levels of protection of digital assets, such as crypto currency; in particular, including through making the rules about advertising such digital products consistent with other risk assets.
	tabling member printed	Lord Cromwell
	uin	HL5427
	answer	answer is ministerial correction date of answer 31/01/2022 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 Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response.</p><p> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 18 January 2022, the Government announced its intention to legislate later this year to bring certain cryptoassets into the scope of financial promotions regulation, requiring them to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases, and ensuring that cryptoasset promotions are held to the same high standards as broader financial services products.</p><p> </p><p>Consumer research conducted by the FCA in 2021 estimated that 2.3 million people in the UK currently hold cryptoassets. The FCA has announced plans for an £11 million digital marketing campaign to educate consumers on the risks associated with certain high-risk investments, including cryptoassets.</p><p> </p><p>Profits from trading in and gains from disposing of cryptoassets are taxed in the same way and at the same rate as those from other assets. HMRC’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </p><p>Cryptoassets are unregulated; this means they are not subject to consumer protection regulation and investors will not have recourse to the Financial Ombudsman Service, or the Financial Services Compensation Scheme.</p><p> </p><p>The Government does not currently plan to create a new regulator for cryptoassets. The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January 2021. It proposed new regulatory responsibilities for the FCA, Bank of England and Payment Systems Regulator (PSR).</p> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5423 HL5425 HL5426 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2594 label Biography information for Lord Cromwell

1420760

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions his Department is having with the Financial Conduct Authority to ensure that the UK benefits from the potential of the digital assets sector.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120692
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120693 120694 120695 question first answered 16/02/2022 15:01:01 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420762

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the Financial Conduct Authority's role in protecting consumers of digital assets and the effect of regulation on stimulating technological innovation.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120694
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120693 120695 question first answered 16/02/2022 15:01:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1420764

	registered interest
	date	08/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if his Department will have discussions with the Financial Conduct Authority on the merits that digital assets can bring to UK economy.
	tabling member constituency	Shipley
	tabling member printed	Philip Davies
	uin	120695
	answer	answer is ministerial correction date of answer 16/02/2022 answer text <p>Certain cryptoassets, offering new ways to transact and invest, are part of a trend of rapid innovation in financial technology. However, these developments also present new challenges and risks – including risks to consumers and to financial system. HM Treasury engages regularly with the Financial Conduct Authority (FCA) on opportunities, risks and regulatory issues posed by cryptoassets.</p><p> </p><p>The Government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England and the FCA. The Cryptoasset Taskforce is responsible for assessing developments in the cryptoasset market, and deciding what, if any, regulation is required in response. HM Treasury and UK authorities, including the FCA, have taken a series of actions to support innovation while mitigating risks to stability, market integrity, and consumers. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020, overseen by the FCA; confirming an intention to legislate to regulate cryptoasset promotions, ensuring they are fair, clear and not misleading, the rules for which will be set by the FCA; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue a response to this consultation shortly.</p><p> </p><p>The Government has adopted a staged and proportionate approach to cryptoassets regulation, which is sensitive to risks posed, and responsive to new developments in the market.  The Government is carefully considering what, if any, regulation might need to follow as the cryptoasset market grows and evolves in the UK.</p><p> </p><p>The use of tokens to facilitate securities transactions is an important development for the financial sector. The representation of traditional securities, such as equities or debt, on a distributed ledger (the ‘tokenisation’ of assets) could have substantial implications for the way assets are traded or capital is raised. A firm or sole practitioner that issues securities on the blockchain will fall within scope of the Money Laundering Regulations (MLRs) if it provides the services of a cryptoasset exchange provider “by way of business”. To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 120692 120693 120694 question first answered 16/02/2022 15:01:02 answering member 4051 label Biography information for John Glen
	tabling member	1565 label Biography information for Sir Philip Davies

1435293

	registered interest
	date	24/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the revenue that the digital assets sector could potentially bring to the public purse.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	129098
	answer	answer is ministerial correction date of answer 04/03/2022 answer text <p>The Government is committed to a global leadership in fintech and to creating a regulatory environment for digital assets in which firms can innovate, while allowing people to use new technologies both reliably and safely. The Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) is exploring the impact 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>Businesses trading in or using digital assets are taxed on their trading profits. Where a person realises chargeable gains from increases in value of digital assets, capital gains tax (CGT) or Corporation Tax on Chargeable Gains may be due. If CGT applies, only chargeable gains above the Annual Exempt Amount are taxed.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/03/2022 13:40:06 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1599724

	registered interest
	date	27/02/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of whether digital asset firms that have left the UK to seek authorisation in other jurisdictions can still serve UK consumers.
	tabling member printed	Lord Hunt of Kings Heath
	uin	HL5918
	answer	answer is ministerial correction date of answer 09/03/2023 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>In April 2022, the government set out a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve. This included a commitment to consult on further regulation for cryptoassets. 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. The proposed measures position the UK as a safe jurisdiction for cryptoasset activity, fostering innovation and providing clarity for firms and consumers.</p><p> </p><p>The consultation covers a number of issues, including that of geographic scope. The government proposes to capture cryptoasset activities provided in or to the United Kingdom, which would capture activities provided by UK firms to persons based in the UK or overseas, as well as those provided by overseas firms to UK persons. Whilst this is intended to be the standard approach, the government recognises that there may be nuances in the application of this for specific activities.</p><p> </p><p>Given the global nature of cryptoassets, the government also remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector.</p> answering member printed Baroness Penn grouped question UIN HL5919 question first answered 09/03/2023 17:02:00 answering member 4726 label Biography information for Baroness Penn
	tabling member	2024 label Biography information for Lord Hunt of Kings Heath

1599725

	registered interest
	date	27/02/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Assets
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what steps they are taking to ensure that the UK becomes an attractive jurisdiction for digital assets companies looking to build and scale up their business.
	tabling member printed	Lord Hunt of Kings Heath
	uin	HL5919
	answer	answer is ministerial correction date of answer 09/03/2023 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>In April 2022, the government set out a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve. This included a commitment to consult on further regulation for cryptoassets. 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. The proposed measures position the UK as a safe jurisdiction for cryptoasset activity, fostering innovation and providing clarity for firms and consumers.</p><p> </p><p>The consultation covers a number of issues, including that of geographic scope. The government proposes to capture cryptoasset activities provided in or to the United Kingdom, which would capture activities provided by UK firms to persons based in the UK or overseas, as well as those provided by overseas firms to UK persons. Whilst this is intended to be the standard approach, the government recognises that there may be nuances in the application of this for specific activities.</p><p> </p><p>Given the global nature of cryptoassets, the government also remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector.</p> answering member printed Baroness Penn grouped question UIN HL5918 question first answered 09/03/2023 17:02:00 answering member 4726 label Biography information for Baroness Penn
	tabling member	2024 label Biography information for Lord Hunt of Kings Heath