Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the regulation of cryptocurrencies in the UK.
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[1] 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.