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1403691

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Assets
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Cromwell
uin	HL5422
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>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> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 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’ 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> </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> </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’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </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> </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> answering member printed Viscount Younger of Leckie grouped question UIN HL5423 HL5425 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403692

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Cromwell
uin	HL5423
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>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> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 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’ 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> </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> </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’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </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> </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> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5425 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403693

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to accelerate registration with the Financial Conduct Authority of companies involved in the crypto sector.
tabling member printed	Lord Cromwell
uin	HL5424
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>To comply with the Money Laundering Regulations (MLRs), cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market; any officers, managers and beneficial owners must be fit and proper; and they are required to register with the FCA for the purposes of money laundering supervision.</p><p>In some cases, the FCA has needed to request additional information from firms when applications contained insufficient supporting information and evidence. The application process for cryptoasset firms has therefore taken longer than originally anticipated.</p><p>The government does not believe it would be appropriate for the FCA to relax the standard against which firms are assessed. To do so would risk undermining the UK’s high anti-money laundering and counter-terrorist financing standards.</p><p> </p><p>To manage delays in the processing of applications for registration, the FCA has established the Temporary Registration Regime. It allows existing cryptoasset firms, which had applied to be registered with the FCA by 16 December 2020, to continue trading whilst their applications are assessed. This has prevented undue disruption to established cryptoasset businesses and their customers, whilst ensuring all firms are subject to a rigorous assessment process.</p> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 16:09:15 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403694

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Cromwell
uin	HL5425
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>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> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 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’ 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> </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> </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’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </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> </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> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5423 HL5426 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403695

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptoassets
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Cromwell
uin	HL5426
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>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> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 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’ 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> </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> </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’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </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> </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> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5423 HL5425 HL5427 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403696

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Assets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to teach consumers about the (1) nature, (2) taxation, and (3) levels of protection of digital assets, such as crypto currency; in particular, including through making the rules about advertising such digital products consistent with other risk assets.
tabling member printed	Lord Cromwell
uin	HL5427
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>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> </p><p>HM Treasury and UK authorities have taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue its response to this consultation shortly. On 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’ 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> </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> </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’s Cryptoassets Manual, one the most detailed publications from any tax administration, explains the tax consequences of different types of transactions involving cryptoassets for both businesses accepting them and individuals using them.</p><p> </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> </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> answering member printed Viscount Younger of Leckie grouped question UIN HL5422 HL5423 HL5425 HL5426 question first answered 31/01/2022 16:06:59 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	2594 label Biography information for Lord Cromwell

1403736

registered interest
date	17/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the September 2021 report of the Office for Professional Body Anti-Money Laundering Supervision, what plans, if any, they have to ensure that (1) the 80 per cent of bodies identified as having failed to implement an effective risk-based approach to anti-money laundering do so without delay; and (2) the 66 per cent of bodies identified as not having or having only ineffective systems for recording sector risk profiles, move swiftly to develop them.
tabling member printed	Lord Stunell
uin	HL5460
answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>Since 2018, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has worked with the accountancy and legal sector professional body anti-money laundering supervisors (PBSs) to increase the consistency of their anti-money laundering/counter-terrorist financing (AML/CTF) supervision and facilitate increased intelligence and information sharing. OPBAS has independently assessed how each PBS carries out their AML/CTF supervisory responsibilities.</p><p> </p><p>In its third report, published in September 2021, OPBAS found that although PBS compliance with the Money Laundering Regulations continues to improve, there were some weaknesses in the effectiveness of their supervision, including risk assessment, governance and enforcement.</p><p> </p><p>OPBAS noted significant improvements in PBSs’ technical compliance, driven in part by PBSs’ positive response to action plans drawn up as a result of the first annual report. However, OPBAS will continue to work with individual PBSs to address issues identified in the third report.</p><p> </p><p>In addition, HM Treasury is currently reviewing the UK’s AML/CFT regulatory and supervisory regimes.</p> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 16:07:43 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	445 label Biography information for Lord Stunell