Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Bank of England on creating a regulatory framework for stablecoins.

HM Treasury has ongoing engagement with the financial regulators, including the Bank of England, on the regulatory treatment of cryptoassets. The Government plans to publish draft legislation for the creation of a financial services regulatory regime for cryptoassets as early as possible this year. This regime will include creating a new regulated activity for stablecoin issuance.