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<p>The Government has been monitoring developments within the cryptoasset industry,
including rising energy usage.</p><p> </p><p>The Cryptoasset Taskforce, comprising
HM Treasury, the FCA, and the Bank of England, explores the impact of cryptoassets
and assesses what, if any, regulation is required in response.</p><p> </p><p>The Government
has already taken actions to signal a commitment to green technology, including a
pledge to make Taskforce on Climate-related Financial Disclosures (TCFD) aligned financial
disclosures mandatory across the economy by 2025, making the UK the first G20 nation
to make such a commitment.</p><p> </p><p>Additionally, the Government has committed
to the implementation of a green taxonomy. This will allow us to accelerate our work
towards a greener financial sector, by providing a common definition for environmentally
sustainable economy activities.</p><p>The Government’s objective for the upcoming
COP26 climate change forum is to ensure that every professional financial decision
takes climate change into account. The recovery from COVID-19 will determine the mitigation
and adaptation pathways for decades to come. We must all do our part – we are working
with the financial services sector, international financial institutions, central
banks, regulators, and finance ministries to unlock rapid action at scale.</p><p>
</p><p>The finance campaign will provide the conditions for a future that is genuinely
greener, more resilient and more sustainable than the past. Action on finance underpins
all the other COP campaigns: adaptation & resilience, energy transition, nature
and zero-emission vehicles. Without the right levels of finance, the rest is not possible.</p><p>
</p><p>The Government stands ready to respond to emerging risks or changes in the
market and will continue to monitor how cryptoassets are being used in the UK.</p>
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