Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the adequacy of regulation of crypto-currencies.

The government believes that having robust and effective regulation will boost innovation - by giving people and businesses the confidence they need to use new technologies safely

A consultation on the future financial services regulatory regime for cryptoasset activities was published here: https://www.gov.uk/government/consultations/future-financial-services-regulatory-regime-for-cryptoassets on Wednesday 1 February.

In addition to this, the Financial Services and Markets Bill ensures that the Treasury can establish the legislative framework for regulating cryptoassets and stablecoins.

The government has already taken steps to bring certain cryptoasset activities into the scope of UK regulation. Since January 2020, cryptoasset firms operating in the UK have been subject to the Money Laundering Regulations. To protect consumers, on 18 January 2022, the Government set out its intention to legislate to bring certain cryptoassets into financial promotion regulation and published a further policy statement here: https://www.gov.uk/government/consultations/cryptoasset-promotions on Wednesday 1 February.