Written question asked by Tanmanjeet Singh Dhesi (Labour) on Wednesday, 17 April 2024, in the House of Commons. It was due for an answer on Friday, 19 April 2024. It was answered by Bim Afolami (Conservative) on Tuesday, 23 April 2024 on behalf of the Treasury.

Cryptocurrencies and Blockchain

Question: To ask the Chancellor of the Exchequer, what steps his Department has taken to support innovation in blockchain and cryptocurrency technologies while ensuring robust consumer protections.

Answer

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.
In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
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.
In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.

Secondary information