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>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 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\u2019 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>
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>
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\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/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>
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5423"} , {"_value" : "HL5425"} , {"_value" : "HL5426"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.387Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Digital Assets"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5422"} , {"_about" : "http://data.parliament.uk/resources/1403692", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403692/answer", "answerText" : {"_value" : "
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>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 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\u2019 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>
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>
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\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/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>
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5422"} , {"_value" : "HL5425"} , {"_value" : "HL5426"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.433Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptoassets: Regulation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what their timetable is to (1) determine, or (2) create, an appropriate regulatory authority with a full regulatory perimeter for crypto assets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5423"} , {"_about" : "http://data.parliament.uk/resources/1403694", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403694/answer", "answerText" : {"_value" : "
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>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 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\u2019 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>
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>
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\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/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>
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5422"} , {"_value" : "HL5423"} , {"_value" : "HL5426"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.48Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptoassets: Regulation"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to increase the skills in the workforce of regulatory authorities in relation to crypto assets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5425"} , {"_about" : "http://data.parliament.uk/resources/1403695", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1403695/answer", "answerText" : {"_value" : "
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>
HM Treasury and UK authorities have taken a\u202fseries\u202fof\u202factions\u202fto\u202fsupport innovation while mitigating risks to\u202fstability\u202fand market\u202fintegrity.\u202fThese include launching a new anti-money laundering\u202fand\u202fcounter-terrorist financing regime for\u202fcryptoassets\u202fin 2020; and consulting on a proposal to ensure\u202fcryptoassets\u202fknown as \u2018stablecoins\u2019 meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly.\u202fOn 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\u2019 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>
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>
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\u2019s Cryptoassets\u202fManual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving\u202fcryptoassets\u202ffor both businesses accepting them and individuals using them.<\/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>
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4169", "label" : {"_value" : "Biography information for Viscount Younger of Leckie"} } , "answeringMemberPrinted" : {"_value" : "Viscount Younger of Leckie"} , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "HL5422"} , {"_value" : "HL5423"} , {"_value" : "HL5425"} , {"_value" : "HL5427"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:06:59.51Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Cryptoassets"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what plans they have to expand consumer protection in relation to crypto assets, in particular through access to the (1) Financial Ombudsman Service, and (2) Financial Services Compensation Scheme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/2594", "label" : {"_value" : "Biography information for Lord Cromwell"} } , "tablingMemberPrinted" : [{"_value" : "Lord Cromwell"} ], "uin" : "HL5426"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 4, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }