The Government has invested over £10 million through Innovate UK and the research councils to support a wide variety of DLT related projects. The Government has also created a £20 million GovTech Catalyst Fund to explore technology-based solutions for public sector challenges, potentially including the use of DLT.<\/p>
<\/p>
The Government set out its approach to cryptoassets and the underlying distributed ledger technology (DLT) in the report of the Cryptoassets Taskforce[1]<\/sub><\/sub>. The Government wants to encourage responsible development of legitimate distributed ledger technology (DLT) and cryptoasset-related activity in the UK, while also mitigating risks.<\/p> <\/p> The financial regulators continue to provide a platform that facilitates innovation and the development of new technologies in the financial system. For example, the Financial Conduct Authority has accepted a significant number of DLT-based projects into its Regulatory Sandbox. The Bank of England has also committed to ensure that its new RTGS service will be compatible with DLT-based payment systems.<\/p> [1] The full report of the HM Treasury/Financial Conduct Authority/Bank of England Cryptoassets Taskforce is available here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf<\/p>"}
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], "questionText" : "To ask the Chancellor of the Exchequer, what (a) fiscal and (b) regulatory steps his Department is taking to (i) support UK and (ii) encourage overseas blockchain and crypto-based companies establish themselves in the UK.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
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