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1455636

registered interest
date	29/03/2022
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 when they intend to publish their response to their consultation on the UK regulatory approach to cryptoassets and stablecoins, which closed on 21 March 2021.
tabling member printed	Lord Cromwell
uin	HL7417
answer	answer is ministerial correction date of answer 05/04/2022 answer text <p>On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.</p><p> </p><p>The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.</p> answering member printed Baroness Penn grouped question UIN HL7418 question first answered 05/04/2022 13:45:15 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

1455637

registered interest
date	29/03/2022
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 assessment they have made of the benefits of stablecoins, including as an efficient means of payment.
tabling member printed	Lord Cromwell
uin	HL7418
answer	answer is ministerial correction date of answer 05/04/2022 answer text <p>On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.</p><p> </p><p>The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.</p> answering member printed Baroness Penn grouped question UIN HL7417 question first answered 05/04/2022 13:45:15 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

1455638

registered interest
date	29/03/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what progress they have made with evaluating the benefits of a UK Central Bank Digital Currency.
tabling member printed	Lord Cromwell
uin	HL7419
answer	answer is ministerial correction date of answer 05/04/2022 answer text <p>The UK, like many countries globally, is actively exploring the potential role of central bank digital currencies (CBDC): an electronic form of central bank money that could be used by households and businesses to make payments.</p><p>The government has taken several actions to signal its commitment to leading the global conversation on the opportunities and risks of a potential CBDC.</p><p> </p><p>This includes creating a new Taskforce led by HM Treasury and the Bank of England to lead exploration of a CBDC, with separate forums to engage civil society and technology experts. The government has also made a public commitment to issue a joint consultation with the Bank of England on the use cases for a UK CBDC in 2022, followed by the publication of a technical specification.</p><p>At the international level, we have used our 2021 G7 Presidency to develop and agree a set of public policy principles for CBDC, which are intended to support and inform exploration of CBDCs in the G7 and beyond.</p><p> </p><p>The government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.</p> answering member printed Baroness Penn question first answered 05/04/2022 12:51:26 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

1452647

registered interest
date	21/03/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Registration
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what discussions they have had with the Financial Conduct Authority regarding the number of cryptoasset firms that are still awaiting registration by the FCA ahead of the deadline on 31 March.
tabling member printed	Lord Cromwell
uin	HL7127
answer	answer is ministerial correction date of answer 04/04/2022 answer text <p>As of 24 March 2022, 16 cryptoasset businesses are within the FCA’s Temporary Registration Regime. The FCA have concluded assessment of all firms and are expecting further updates from some of these firms before their temporary registration ends. All firms remaining on the regime are aware of what is required from them to conclude their application.</p><p>Treasury officials are in regular contact with their counterparts at the FCA regarding the status of these firms, as well as the anti-money laundering regime for cryptoassets in general. Any decision about whether or not to extend the Temporary Registration Regime beyond 31 March is ultimately a matter for the FCA, exercising their powers under the Money Laundering Regulations.</p><p>In addition to existing businesses with temporary registration, the FCA is also assessing the applications of new businesses that wish to enter the market, and has admitted a number of these firms to the full register. The FCA are seeking to process all applications as swiftly as is possible whilst maintaining robust regulatory standards. Both Treasury and the FCA are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner.</p><p>Since 10 January 2021, only cryptoasset businesses that have been admitted to either the Temporary Registration Regime or the FCA’s full register are permitted to carry on business in the UK. The FCA have a range of civil and criminal enforcement powers under the Money Laundering Regulations and, as of this month, have over 50 open investigations, including criminal probes, into apparently unauthorised cryptoasset businesses.</p> answering member printed Baroness Penn grouped question UIN HL7128 HL7129 question first answered 04/04/2022 14:26:24 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

1452648

registered interest
date	21/03/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Registration
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what consideration they have given to granting a further extension of the Financial Conduct Authority deadline for registration of cryptoasset firms if the FCA is unable to meet its deadline of 31 March.
tabling member printed	Lord Cromwell
uin	HL7128
answer	answer is ministerial correction date of answer 04/04/2022 answer text <p>As of 24 March 2022, 16 cryptoasset businesses are within the FCA’s Temporary Registration Regime. The FCA have concluded assessment of all firms and are expecting further updates from some of these firms before their temporary registration ends. All firms remaining on the regime are aware of what is required from them to conclude their application.</p><p>Treasury officials are in regular contact with their counterparts at the FCA regarding the status of these firms, as well as the anti-money laundering regime for cryptoassets in general. Any decision about whether or not to extend the Temporary Registration Regime beyond 31 March is ultimately a matter for the FCA, exercising their powers under the Money Laundering Regulations.</p><p>In addition to existing businesses with temporary registration, the FCA is also assessing the applications of new businesses that wish to enter the market, and has admitted a number of these firms to the full register. The FCA are seeking to process all applications as swiftly as is possible whilst maintaining robust regulatory standards. Both Treasury and the FCA are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner.</p><p>Since 10 January 2021, only cryptoasset businesses that have been admitted to either the Temporary Registration Regime or the FCA’s full register are permitted to carry on business in the UK. The FCA have a range of civil and criminal enforcement powers under the Money Laundering Regulations and, as of this month, have over 50 open investigations, including criminal probes, into apparently unauthorised cryptoasset businesses.</p> answering member printed Baroness Penn grouped question UIN HL7127 HL7129 question first answered 04/04/2022 14:26:24 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

1452697

registered interest
date	21/03/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Registration
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the introduction of anti-money laundering regulations for cryptoasset firms, what assessment they have made of the number of firms not yet registered by the FCA; what discussions they have had with the FCA about this; and what steps they are taking to ensure compliance with the regulations.
tabling member printed	Lord Cromwell
uin	HL7129
answer	answer is ministerial correction date of answer 04/04/2022 answer text <p>As of 24 March 2022, 16 cryptoasset businesses are within the FCA’s Temporary Registration Regime. The FCA have concluded assessment of all firms and are expecting further updates from some of these firms before their temporary registration ends. All firms remaining on the regime are aware of what is required from them to conclude their application.</p><p>Treasury officials are in regular contact with their counterparts at the FCA regarding the status of these firms, as well as the anti-money laundering regime for cryptoassets in general. Any decision about whether or not to extend the Temporary Registration Regime beyond 31 March is ultimately a matter for the FCA, exercising their powers under the Money Laundering Regulations.</p><p>In addition to existing businesses with temporary registration, the FCA is also assessing the applications of new businesses that wish to enter the market, and has admitted a number of these firms to the full register. The FCA are seeking to process all applications as swiftly as is possible whilst maintaining robust regulatory standards. Both Treasury and the FCA are committed to supporting the growth of the cryptoasset sector in a safe and competitive manner.</p><p>Since 10 January 2021, only cryptoasset businesses that have been admitted to either the Temporary Registration Regime or the FCA’s full register are permitted to carry on business in the UK. The FCA have a range of civil and criminal enforcement powers under the Money Laundering Regulations and, as of this month, have over 50 open investigations, including criminal probes, into apparently unauthorised cryptoasset businesses.</p> answering member printed Baroness Penn grouped question UIN HL7127 HL7128 question first answered 04/04/2022 14:26:24 answering member 4726 label Biography information for Baroness Penn
tabling member	2594 label Biography information for Lord Cromwell

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