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<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>
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