Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether he has had discussions with the British Blockchain Association on the potential of blockchain technology to (a) reduce fraud, (b) enhance transparency, (c) improve costs and (d) provide efficiency in cross-border trade and commerce.

As the Chancellor set out her Mansion House Speech on Tuesday, we recognise the transformative potential for digital assets and blockchain technologies to drive economic growth in the UK and increase efficiencies across financial markets. We are proceeding with proposals to create a new financial services regulatory regime for fiat-backed stablecoins.

This will support growth in the UK by giving cryptoasset firms the regulatory certainty needed to invest here, and to help drive innovation in our financial services sector whilst at the same time including rules on regulation, safeguarding and market integrity.