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Written question asked by Greg Knight (Conservative) on Thursday, 30 November 2017, in the House of Commons. It was due for an answer on Monday, 4 December 2017. It was answered by Steve Barclay (Conservative) on Friday, 8 December 2017 on behalf of the Treasury.

Cryptocurrencies: Regulation

Question

To ask Mr Chancellor of the Exchequer, what assessment he has made of international efforts to regulate crypto-currencies; and whether his Department has any plans to regulate crypto-currencies in the UK.

Answer

The Government has not made a formal assessment of the regulation of cryptocurrencies in other countries, though it is aware that industry has done so (for example https://bravenewcoin.com/news/icos-and-cryptocurrencies-a-rough-guide-to-global-regulation/) and, as with all policy, continues to monitor developments.

The Government is currently negotiating amendments to the 4th Anti-Money Laundering Directive that we expect to bring virtual currency exchange platforms and custodian wallet providers into the scope of Anti-Money Laundering and Counter-Terrorist Financing regulation. This will require such firms to conduct due diligence upon their customers, with their activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018.

Secondary information

Type
Written question
Reference
116779
Session
2017-19
Subjects
Regulation Cryptocurrencies
Link
View this Written question on www.parliament.uk