Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the implications for employment law, taxation and consumer protection of workers being paid in stablecoins or other digital assets.

The Income Tax, National Insurance Contributions and PAYE rules for non-money earnings apply to stablecoins and other cryptoassets in the same way as other assets. HMRC has set out guidance explaining how tax rules apply to employment earnings in the form of cryptoassets.

As the market for cryptoassets evolves, the Government will continue to keep the tax framework under review.

The Government has also introduced a new financial services regulatory regime for cryptoassets which will raise standards, strengthen consumer protection, and address market abuse.