Written Questions are submitted by MPs or Lords to receive information from a Department.
|24 Jun 2019, 1:27 p.m.||Cryptocurrencies: Regulation||Mr Gavin Shuker|
To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the regulation of cryptocurrencies in the UK.
Answer (John Glen)
The Government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report set out commitments to further consider the regulatory approach to cryptoassets.
The Government has recently consulted on plans to go beyond the requirements set out in the EU’s Fifth Anti-Money Laundering Directive to bring all relevant cryptoasset firms into anti-money laundering regulation.
The Government will consult on its approach to unregulated cryptoassets later this year.