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The Government has been monitoring developments within the cryptoasset industry, including
rising energy usage.<p> </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> </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>The Government has already taken action to ensure
the UK is the world-leading centre for green finance including through announcing
an intention to make disclosures aligned with the Taskforce on Climate-related Financial
Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first
country to do so.
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