Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is taking steps to help ensure that the regulatory framework for (a) cryptoassets and (b) blockchain technology helps facilitate investment and growth.

The Government set out at Fintech Week its firm ambition to make UK a global hub for cryptoasset technology and investment. The Government wants to ensure firms can invest, innovate and scale up in this country. And the Government has 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.

These include committing to consult on a future regulatory regime; legislating to bring stablecoins into payments regulation; setting up a series of ministerial-chaired roundtables, bringing together key figures in industry; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.