Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the UK’s status as a FinTech hub of the proposals by the Financial Conduct Authority to ban the sale of cryptoasset investment products for retail investors.

The Financial Conduct Authority (FCA) made a commitment to consult on the potential prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets in the final report of the Cryptoasset Taskforce, comprised of HM Treasury, the Bank of England and the Financial Conduct Authority, in October 2018.

The final decision on this consultation is a matter for the Financial Conduct Authority (FCA), which is operationally independent from government.

The government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms.