Crypto Asset Technology

Baroness Wheatcroft Excerpts

Thursday 21st July 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I have not seen the specific report the noble Lord refers to, but he is absolutely right that the risks of online fraud are significant, particularly for potentially vulnerable people. The Government put a huge amount of effort into our anti-fraud measures, including some of the public messaging the noble Lord referred to.

[Baroness Wheatcroft (CB)]

My Lords, as the Minister has already said, derivatives of cryptocurrencies are regulated. However, for many years now, the FCA has been considering regulating cryptocurrencies. Can the Minister tell the House exactly how many years it has been considering it and what it would take to make it actually do something?

[Baroness Penn (Con)]

My Lords, as the noble Baroness noted, there have been a number of different interventions to regulate this market over the years, including the regulation of derivatives, including bringing crypto into anti-money laundering regulation, into the regulation of financial promotions and, in the forthcoming financial services Bill, the regulation of stablecoin. Action is happening now but, in terms of the broader market, there will be action this year in terms of the consultation on future regulation.