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Written Question
Cryptocurrencies: Regulation
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what regulatory measures are in place to ensure the stability and security of investments in cryptocurrencies; and whether any additional measures are being considered.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Written Question
Cryptocurrencies: Regulation
Monday 4th September 2023

Asked by: Alun Cairns (Conservative - Vale of Glamorgan)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment has he made of the adequacy of the capacity of the Financial Conduct Authority to regulate cryptocurrencies.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The government is proposing an approach to cryptoasset regulation under which firm requirements are designed and implemented by the independent regulators to ensure an agile regime able to respond to developments in the sector. The recent Financial Services and Markets Act included powers to bring stablecoins and cryptoasset activities within the FCA regulatory perimeter.

The FCA completed its Transformation Programme in March 2023 seeking to make the FCA a more innovative, assertive and adaptive regulator. It involved significant investment in the FCA’s systems and capabilities to enable better use of data and intelligence to regulate 50,000 firms effectively and efficiently. Further information on the delivery of the Transformation Programme is contained in the FCA Annual Report 2022-2023

The Government will continue to regularly discuss delivery of the Transformation Programme with the FCA to monitor progress.

Written Question
Cryptocurrencies
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has made an estimate of (a) the role and (b) trends in the value of (i) bitcoin and (ii) other major cryptocurrencies in the economy in the next (A) five and (B) 10 years.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Westminster Hall
Football Index Collapse: Lessons Learned - Wed 24 Apr 2024
Department for Business and Trade

Mentions:
1: Liz Twist (Lab - Blaydon) However, the commission has also said that the product may lie outside the scope of regulation, given - Speech Link
2: Justin Madders (Lab - Ellesmere Port and Neston) We are failing in our basic duties; light-touch regulation has clearly had its day. - Speech Link
3: Barbara Keeley (Lab - Worsley and Eccles South) because KiX is a decentralised, autonomous organisation underpinned by the blockchain technology used by cryptocurrencies - Speech Link
4: Stuart Andrew (Con - Pudsey) It consulted on and updated its statement of principles for licensing and regulation in June 2022. - Speech Link

Non-Departmental Publication (Guidance and Regulation)
Office of Financial Sanctions Implementation

Feb. 27 2024

Source Page: UK financial sanctions guidance
Document: High Value Dealers (PDF)

Found: purposes, the Regulations impose a n umber of prohibitions and 4 A full definition is set out in Regulation

Non-Departmental Publication (Guidance and Regulation)
Office of Financial Sanctions Implementation

Feb. 13 2024

Source Page: Financial sanctions guidance for high value dealers
Document: Financial sanctions guidance for high value dealers (PDF)

Found: purposes, the Regulations impose a number of prohibitions and 4 A full definition is set out in Regulation

Written Question
Cryptocurrencies: Regulation
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure that the new regulatory framework for crypto assets and stablecoins will (a) enhance the UK's global competitiveness in fintech and (b) protect consumers from the volatility and risks associated with digital currencies.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
General Committees
Draft Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 Draft Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 - Tue 02 May 2023
Ministry of Justice

Mentions:
1: Kit Malthouse (CON - North West Hampshire) with bitcoin.While bitcoin, ethereum and others—there are now hundreds, if not thousands, of these cryptocurrencies - Speech Link
2: Kit Malthouse (CON - North West Hampshire) laundering, particularly around drugs, than there used to be, and that is now very much enabled by cryptocurrencies - Speech Link

Westminster Hall
Cryptocurrency Regulation - Tue 13 Jun 2023
HM Treasury

Mentions:
1: Lisa Cameron (SNP - East Kilbride, Strathaven and Lesmahagow) I beg to move,That this House has considered the regulation of cryptocurrency.It is a pleasure to serve - Speech Link
2: Martin Docherty-Hughes (SNP - West Dunbartonshire) On regulation, my hon. - Speech Link
3: Lisa Cameron (SNP - East Kilbride, Strathaven and Lesmahagow) and ownership of cryptocurrency had increased, but it also showed that“the level of understanding of cryptocurrencies - Speech Link
4: Martin Docherty-Hughes (SNP - West Dunbartonshire) I am afraid I am going to have to challenge the Minister on his point about regulation. - Speech Link

Select Committee
ASA System
 LLM0098 - Large language models

Written Evidence Oct. 31 2023

Inquiry: Large language models
Inquiry Status: Closed
Committee: Communications and Digital Committee

Found: We are committed to evidence-based regulation, and we continually review new evidence to ensure the