Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the adequacy of the regulations governing financial institutions handling Tether cryptocurrency.

The Government legislated in February of this year to establish a financial services regulatory regime for cryptoassets, requiring firms to be authorised by the Financial Conduct Authority for providing relevant cryptoasset services in or to the UK. This built on previous regulatory interventions on cryptoasset money laundering and financial promotions. The Government’s approach is ensuring cryptoasset users are protected against detriment, whilst giving firms the certainty needed to invest and grow in the UK.