Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the added value concept introduced by the Financial Conduct Authority in its proposed cryptoasset perimeter guidance (CP26/13) appears in the Regulated Activities Order or any of its exclusions.

The concept of added value does not appear in the Regulated Activities Order. It is used in the Financial Conduct Authority’s (FCA) perimeter guidance to clarify its interpretation of the regulatory perimeter.

The FCA is the independent regulator responsible for implementing the UK’s financial services regulations including by issuing perimeter guidance.