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1134330
star this property registered interest false more like this
star this property date less than 2019-06-24more like thismore than 2019-06-24
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Cryptocurrencies: Regulation more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to regulate the use of new crypto-currencies created by large technology companies; and what steps they are taking to protect private financial information in that sector. more like this
star this property tabling member printed
Lord Taylor of Warwick remove filter
star this property uin HL16615 remove filter
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-08more like thismore than 2019-07-08
star this property answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, large technology companies developing cryptoassets clearly raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce<sup><sup>[1]</sup></sup> to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Government takes the protection and privacy of personal data extremely seriously. All organisations, especially the biggest global tech firms who process private financial data containing personal information, must comply with the GDPR and the UK's Data Protection Act 2018, which poses strict obligations on organisations to ensure that UK citizen's data is stored safely and securely.</p><p> </p><p>[1] Comprised of HM Treasury, the FCA, and the Bank of England</p><p> </p>
star this property answering member printed Lord Young of Cookham remove filter
star this property question first answered
less than 2019-07-08T13:47:25.253Zmore like thismore than 2019-07-08T13:47:25.253Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this