Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to protect people living in Fylde constituency from cryptocurrency scams.

The Government takes the issue of fraud very seriously and is developing a new and expanded fraud strategy to further protect the public and businesses from this appalling crime.

Relevant cryptoasset firms are already subject to UK financial promotions requirements, and required to register with the Financial Conduct Authority (FCA) for money laundering supervision.

Building on this, the Government is introducing a comprehensive financial services regulatory regime for cryptoassets this year. The new regime will provide further protections for UK consumers, by requiring firms offering them services to be authorised and regulated by the FCA.