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Select Committee
Liz Oakes

Oral Evidence May. 21 2024

Committee: Treasury Committee (Department: HM Treasury)

Found: Has regulation of the banking industry caused or exacerbated risk to financial stability posed by

Parliamentary Research
Social and psychological implications of fraud - POST-PN-0720
Apr. 29 2024

Found: online and telecoms sector issues and HM Treasury , for economic crime, and financial and banking regulation

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

Scottish Parliament Debate - Committee
Judicial Factors (Scotland) Bill: Stage 1 - Tue 23 Apr 2024

Mentions:
1: None The Law Society is presently working with the Scottish Government to resolve that lacuna in the new Regulation - Speech Link
2: None It does not talk about cryptocurrencies, non-fungible tokens, digital wallets and all those sorts of - Speech Link

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.
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
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.
Select Committee
Clare Lombardelli
 APPCL0002 - Appointment of Clare Lombardelli as Deputy Governor for Monetary Policy, Bank of England

Written Evidence Apr. 16 2024

Committee: Treasury Committee (Department: HM Treasury)

Found: Regulation will need to take a forward-looking approach to keep pace with these developments and

Departmental Publication (News and Communications)
HM Treasury

Mar. 26 2024

Source Page: Technology Working Group publish second fund tokenisation report
Document: Further Fund Tokenisation: Achieving Investment Fund 3.0 Through Collaboration. (PDF)

Found: Fund Tokenisation, demonstrated the benefits of fund tokenisation and that it is compatible with UK regulation

Select Committee
Public Sector Fraud Authority, Home Office, Nick Ephgrave QPM, Home Office, Home Office, HM Treasury, and HM Treasury

Oral Evidence Mar. 13 2024

Inquiry: Fraud
Inquiry Status: Closed
Committee: Home Affairs Committee (Department: Home Office)

Found: The money moves all around the world, is often cashed out through cryptocurrencies, and can ultimately