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Written question asked by Gavin Shuker (Independent (affiliation)) on Tuesday, 18 June 2019, in the House of Commons. It was due for an answer on Monday, 24 June 2019 (named day). It was answered by John Glen (Conservative) on Monday, 24 June 2019 on behalf of the Treasury.

Cryptocurrencies: Regulation

Question

To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the regulation of cryptocurrencies in the UK.

Answer

The Government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report[1] set out commitments to further consider the regulatory approach to cryptoassets.

The Government has recently consulted on plans to go beyond the requirements set out in the EU’s Fifth Anti-Money Laundering Directive to bring all relevant cryptoasset firms into anti-money laundering regulation.

The Government will consult on its approach to unregulated cryptoassets later this year.

[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf

Secondary information

Type
Written question
Reference
266197
Session
2017-19
Subjects
Regulation Cryptocurrencies
Link
View this Written question on www.parliament.uk