Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, pursuant to the Answer of 11 December 2023 to Question 4876 and with reference to the report noted in the Answer of 27 November 2023 to Question 2866 on Land Registry: Blockchain, whether her Department is taking steps to implement blockchain technologies in areas not related to cryptoassets for finance.
Answered by Saqib Bhatti - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
I refer the Honourable Member to the answer given in response to PQ4875.
My department will continue to monitor developments in the use of both financial and non-financial applications of blockchain technology and will work with other government departments and industry to ensure we maximise its potential to spur UK growth and innovation.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, pursuant to the Answer of 27 November 2023 to Question 2866, whether she plans to take steps to further roll out the use of blockchain technologies.
Answered by Saqib Bhatti - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
This Government is committed to maximising the benefits and minimising the risks of new technologies. The Government has committed to increasing public expenditure on R&D to £20 billion per annum by 2024/2025. This cash increase will support the growth of innovator hubs and continue to fund a range of R&D programmes which will help boost the potential of new technologies including blockchain.
My department will continue to monitor the development of distributed ledger technology to ensure we maximise its potential to spur UK growth and innovation.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, pursuant to the Answer of 21 November 2023 to Question 2866 on Land Registry: Blockchain, what steps she is taking to overcome the regulatory uncertainty associated with blockchain technologies.
Answered by Saqib Bhatti - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
The Government is committed to creating a regulatory environment in which firms can innovate, while maintaining financial stability and clear regulatory standards so that people can use new blockchain technologies both reliably and safely.
Cryptoasset markets, for example, continue to develop with increasing pace and complexity, which brings risk as well as opportunity. Risk-taking is a part of the innovation cycle, however ongoing turbulence in the cryptoasset markets has highlighted some of the implications for markets and investors. We think this reinforces the case for clear, effective, timely regulation. The Government is therefore proposing to bring a broad suite of new cryptoasset activities into the regulatory perimeter for financial services for the first time. This includes exchange activities, custody and lending.
HM Treasury launched a consultation on the Future Financial Services Regulatory Regime for Cryptoassets in February and published its response to stakeholder feedback and final proposals on 30 October. The consultation delivers on the Government’s commitment to bring forward proposals for regulating activities relating to the trading and investment of cryptoassets, such as Bitcoin.
The Government has already taken action to address risks to consumers and market integrity in cryptoasset markets. Cryptoassets were brought into scope of UK anti-money laundering legislation in 2020, and following the government’s legislation, the financial regulator has commenced enforcement for cryptoassets financial promotions, requiring them to be fair, clear and not misleading.
More broadly, my department will continue to monitor developments in the use of blockchain technology and will work with other government departments to identify where this could require the introduction of further regulation.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of issuing guidance to banks on providing access to bank accounts for (a) crypto and (b) digital asset businesses in the UK.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government recognises the hardship businesses face when they experience problems with banking and takes this issue very seriously.
That is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.
The FCA’s interim report (“UK Payment Accounts: Access and Closures”) was published on 19 September 2023, and it is continuing to work with firms to explore this issue.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Levelling Up, Housing and Communities, with reference to the Answer of 26 October 2023 to Question 204013 on Land Registry, whether he has made an assessment of the potential merits of using blockchain technology when digitising the land registry.
Answered by Lee Rowley - Minister of State (Minister for Housing)
HM Land Registry’s (HMLR’s) Digital Street research and development programme carried out a successful research piece and prototype into Blockchain technologies in 2020 and a summary of the research work can be found here.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Levelling Up, Housing and Communities, whether he has made an assessment of the potential merits of using blockchain technology in digitising the land registry.
Answered by Rachel Maclean
The Government strongly believes that there are significant opportunities from digitising HM Land Registry (HMLR) and making more information freely-available. HMLR is also committed to promoting digital innovation in the property market. In recent years, it has introduced digital tools relating to electronic signatures and a standard for digital identity solutions. HMLR is working collaboratively with stakeholders in the conveyancing sector and is considering a range of technologies to contribute to a truly digital, automated conveyancing process.
Government’s Roadmap to a Digital Future includes digital transformation in Government by “automating manual processes”. Almost 90% of HMLR’s applications are received via digital application routes and the majority of HMLR’s services are already automated. HMLR continues to increase automation to drive greater efficiency and deliver maximum value for the taxpayer, and to increase the proportion of end-to-end digital processes.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the potential merits of digitising the Land Registry.
Answered by Rachel Maclean
The Government strongly believes that there are significant opportunities from digitising HM Land Registry (HMLR) and making more information freely-available. HMLR is also committed to promoting digital innovation in the property market. In recent years, it has introduced digital tools relating to electronic signatures and a standard for digital identity solutions. HMLR is working collaboratively with stakeholders in the conveyancing sector and is considering a range of technologies to contribute to a truly digital, automated conveyancing process.
Government’s Roadmap to a Digital Future includes digital transformation in Government by “automating manual processes”. Almost 90% of HMLR’s applications are received via digital application routes and the majority of HMLR’s services are already automated. HMLR continues to increase automation to drive greater efficiency and deliver maximum value for the taxpayer, and to increase the proportion of end-to-end digital processes.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, when she plans to decide the outcome of the 33rd offshore oil and gas licensing round.
Answered by Graham Stuart
It has not proved possible to respond to my Rt hon. Friend in the time available before Prorogation.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what her Department's policy is on a 34th Offshore Oil and Gas Licensing Round.
Answered by Graham Stuart
It has not proved possible to respond to my Rt hon. Friend in the time available before Prorogation.
Asked by: Alun Cairns (Conservative - Vale of Glamorgan)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether her Department is taking steps to ensure that energy production estimates by wind farm developers are accurate.
Answered by Graham Stuart
The Department does not validate energy production estimates by wind farm developers.
Where generation is supported through Government mechanisms such as the Contract for Difference or Renewable Obligation schemes, measures are in place to ensure payments are based on actual generation, rather than estimates.