Cryptocurrencies

(asked on 27th November 2018) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government whether they have any plans for market regulation of crypto-currencies.


Answered by
Lord Bates Portrait
Lord Bates
This question was answered on 11th December 2018

The government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – earlier this year, to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report sets out the path forward with respect to cryptoasset regulation in the UK.

The government will:

  • bring cryptoasset exchanges and custodian wallet providers within the scope of anti-money laundering and counter-terrorist financing regulation through the transposition of the EU Fifth Anti-Money Laundering Directive (5MLD), and consult on going beyond the requirements of 5MLD;

  • consult on whether the regulatory perimeter requires extension in relation to cryptoassets that have comparable features to specified investments but that fall outside the perimeter; and

  • issue a consultation to further explore whether and how exchange tokens and related firms, such as exchanges and wallet providers, could be regulated effectively.

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