Question to the HM Treasury:

To ask the Chancellor of the Exchequer, in addition to introducing stablecoin regulation, what other steps he plans to take to encourage cryptocurrency firms to (a) remain in and (b) return to the UK.

At Fintech Week, the government set out the firm ambition to make Britain a global hub for cryptoasset technology and investment. We want to ensure firms can invest, innovate and scale up in this country. And we have announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.

In addition to legislating to bring stablecoins into payments regulation, these include committing to consult on future regulation of a broader set of cryptoasset activities later this year; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.

These commitments are in line with our objectives to create a regulatory environment in which firms can innovate, while crucially maintaining financial stability and regulatory standards so that people can use new technologies both reliably and safely.