Oral Evidence Mar. 29 2022
Inquiry: Fraud Act 2006 and Digital Fraud CommitteeFound: wholesale side, there is money laundering; there are ransom payments that are very often denominated in cryptocurrencies
This week in the #HouseofLords: Further examination of #NationalityBordersBill and #HealthAndCareBill, #LordsQs on #cryptocurrencies and #IWD2022 , plus debates on gambling-related harm and political developments in #NorthernIreland. ? Read more https://t.co/ulyMl7R7Jy
Mentions:
1: Lord Young of Cookham (CON - Life peer) technology has much to commend it, with the UK being a world leader in financial technology, should not cryptocurrencies - Speech Link
2: Lord Lee of Trafford (LDEM - Life peer) My Lords, given the worrying numbers of young people ignorantly speculating in cryptocurrencies, is there - Speech Link
3: Baroness Altmann (CON - Life peer) My Lords, will my noble friend help the House understand the advantages of cryptocurrencies? - Speech Link
Asked by: Ronnie Cowan (Scottish National Party - Inverclyde)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, what estimate the Government has made of the value of front-of-shirt football team sponsorships by cryptocurrency platforms.
Answered by Chris Philp - Minister of State (Home Office)
I am aware of the growth in commercial partnerships between cryptocurrencies and professional sport. On 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation. The FCA has also publicly consulted on its detailed rules for the regime. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that pertain in the financial services industry.
Cryptocurrencies are not within the legal definition of gambling in themselves and therefore are not in scope of the Gambling Act Review.
Asked by: Ronnie Cowan (Scottish National Party - Inverclyde)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, whether she has made an assessment of the potential risks of sports sponsorship by cryptocurrency platforms.
Answered by Chris Philp - Minister of State (Home Office)
I am aware of the growth in commercial partnerships between cryptocurrencies and professional sport. On 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation. The FCA has also publicly consulted on its detailed rules for the regime. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that pertain in the financial services industry.
Cryptocurrencies are not within the legal definition of gambling in themselves and therefore are not in scope of the Gambling Act Review.
Asked by: Ronnie Cowan (Scottish National Party - Inverclyde)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, whether the ongoing Gambling Review White Paper will look into the engagement of fan token cryptocurrencies.
Answered by Chris Philp - Minister of State (Home Office)
I am aware of the growth in commercial partnerships between cryptocurrencies and professional sport. On 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation. The FCA has also publicly consulted on its detailed rules for the regime. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that pertain in the financial services industry.
Cryptocurrencies are not within the legal definition of gambling in themselves and therefore are not in scope of the Gambling Act Review.
Asked by: Ronnie Cowan (Scottish National Party - Inverclyde)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment she has made of trends in the level of engagement in fan token cryptocurrencies.
Answered by Chris Philp - Minister of State (Home Office)
I am aware of the growth in commercial partnerships between cryptocurrencies and professional sport. On 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation. The FCA has also publicly consulted on its detailed rules for the regime. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that pertain in the financial services industry.
Cryptocurrencies are not within the legal definition of gambling in themselves and therefore are not in scope of the Gambling Act Review.
Asked by: Ronnie Cowan (Scottish National Party - Inverclyde)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment she has made of the potential implications of footballers advertising non-fungible tokens to fans.
Answered by Chris Philp - Minister of State (Home Office)
I am aware of the growth in commercial partnerships between cryptocurrencies and professional sport. On 18 January 2022, the government set out its intention to legislate later this year to bring certain cryptoassets into financial promotion regulation. The FCA has also publicly consulted on its detailed rules for the regime. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that pertain in the financial services industry.
Cryptocurrencies are not within the legal definition of gambling in themselves and therefore are not in scope of the Gambling Act Review.
Inquiry Publications Feb. 02 2022
Committee: Treasury Committee (Department: HM Treasury)Found: We have worked to implement the collection mechanism through the Gambling Commission, FCA and HMRC
Correspondence Jan. 24 2022
Committee: Treasury Committee (Department: HM Treasury)Found: Anti - Money Laundering Directive (5MLD) 50.9 78.6% The should be used in relation to cryptocurrencies