Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking with Cabinet colleagues to help ensure that the UK is competitive with overseas jurisdictions in relation to (a) crypto and (b) digital asset regulation.

HM Treasury is proceeding with plans to deliver a new financial services regulatory regime for cryptoassets as soon as practicable this year. This will support UK growth by giving cryptoasset firms the regulatory certainty needed to invest here, and drive innovation in our financial services sector.

In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets.

HM Treasury will publish full impact assessments alongside its final legislation.