1-20 of 127 results for subject:Cryptocurrencies
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To ask the Chancellor of the Exchequer, what progress has been made on the Government’s consultation on cryptocurrencies; and what assessment he has made of the adequacy of the scope of that consultation.
To ask the Chancellor of the Exchequer, what progress has been made on the Government’s consultation on cryptocurrencies; and what assessment he has made of the adequacy of the scope of that consultation.
On 7 January HM Treasury published a consultation on the broader regulatory treatment of cryptoassets, with a focus on cryptoassets known as stablecoins. It also included a call for evidence on the use of Distributed Ledger Technology (DLT) in financial markets. This consultation has now closed. The Government is reviewing responses and will outline next steps in due course.
The Government’s near-term priority is to ensure the framework supports the safe use of stablecoins. The Government continues to actively monitor emerging risks as this market continues to mature and stands ready to take further regulatory action if required.
The Government also issued a consultation last year on a proposal to bring certain cryptoassets into the scope of financial promotions regulation. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that apply to the financial services industry. The consultation is now closed, and the Government will be publishing its response in due course.
To ask the Chancellor of the Exchequer, whether the energy being using to mine cryptocurrency will be discussed at COP26; and whether further regulation on that matter will be on the COP26 agenda.
To ask the Chancellor of the Exchequer, whether the energy being using to mine cryptocurrency will be discussed at COP26; and whether further regulation on that matter will be on the COP26 agenda.
The Governmentâs private finance objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come.
The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation & resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.
The Government has already taken actions to signal a commitment to green technology, including a pledge to make Taskforce on Climate-related Financial Disclosures (TCFD) aligned financial disclosures mandatory across the economy by 2025, making the UK the first G20 nation to make such a commitment.
Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities
The Cryptoasset Taskforce, comprising HM Treasury, the Financial Conduct Authority , and the Bank of England, considers the impact of cryptoassets and assesses what, if any, regulation is required in response. The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor developments in cryptoassets.
To ask Her Majesty's Government whether they plan to consider the energy use of cryptocurrencies as part of their preparations for COP26 and other international meetings on climate change during 2021; and what plans they have to investigate how cryptocurrencies affect their requirements for public and private sector organisations to...
To ask Her Majesty's Government whether they plan to consider the energy use of cryptocurrencies as part of their preparations for COP26 and other international meetings on climate change during 2021; and what plans they have to investigate how cryptocurrencies affect their requirements for public and private sector organisations to...
The Government has been monitoring developments within the cryptoasset industry, including rising energy usage.
The Cryptoasset Taskforce, comprising HM Treasury, the FCA, and the Bank of England, explores the impact of cryptoassets and assesses what, if any, regulation is required in response.
The Government has already taken actions to signal a commitment to green technology, including a pledge to make Taskforce on Climate-related Financial Disclosures (TCFD) aligned financial disclosures mandatory across the economy by 2025, making the UK the first G20 nation to make such a commitment.
Additionally, the Government has committed to the implementation of a green taxonomy. This will allow us to accelerate our work towards a greener financial sector, by providing a common definition for environmentally sustainable economy activities.
The Governmentâs objective for the upcoming COP26 climate change forum is to ensure that every professional financial decision takes climate change into account. The recovery from COVID-19 will determine the mitigation and adaptation pathways for decades to come. We must all do our part â we are working with the financial services sector, international financial institutions, central banks, regulators, and finance ministries to unlock rapid action at scale.
The finance campaign will provide the conditions for a future that is genuinely greener, more resilient and more sustainable than the past. Action on finance underpins all the other COP campaigns: adaptation & resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.
The Government stands ready to respond to emerging risks or changes in the market and will continue to monitor how cryptoassets are being used in the UK.
My Lords, this order was laid on 11 January 2021 under the affirmative procedure. It confers immunities and privileges on the Bank for International Settlements, BIS in short, that have been negotiated as part of a host country agreement to support the establishment of a new BIS innovation hub in...
My Lords, this order was laid on 11 January 2021 under the affirmative procedure. It confers immunities and privileges on the Bank for International Settlements, BIS in short, that have been negotiated as part of a host country agreement to support the establishment of a new BIS innovation hub in...
My Lords, I thank the Minister for introducing the order, which confirms an interesting and potentially very useful innovation. I have just one question. The order confers an extraordinarily widespread immunity on those managing this new hub. I am aware that the Minister has made it clear that these immunities...
My Lords, I thank the Minister for introducing the order, which confirms an interesting and potentially very useful innovation. I have just one question. The order confers an extraordinarily widespread immunity on those managing this new hub. I am aware that the Minister has made it clear that these immunities...
My Lords, I welcome the establishment of the hub in London, which is renowned for its skills in the financial sector and in regulation. This testimony to that is therefore very welcome. I understand why a degree of what we might call diplomatic immunity may be required, although the total...
My Lords, I welcome the establishment of the hub in London, which is renowned for its skills in the financial sector and in regulation. This testimony to that is therefore very welcome. I understand why a degree of what we might call diplomatic immunity may be required, although the total...
My Lords, I am pleased to take part in this short debate and to add my support to the initiative of the Bank of England and the Government in bringing the Bank for International Settlements innovation hub to the UK. As other speakers, including my noble friend Lady Wheatcroft, have...
My Lords, I am pleased to take part in this short debate and to add my support to the initiative of the Bank of England and the Government in bringing the Bank for International Settlements innovation hub to the UK. As other speakers, including my noble friend Lady Wheatcroft, have...
My Lords, this SI has been prepared by the Foreign, Commonwealth and Development Office. The Bank of England has made a successful bid to host the Bank for International Settlements innovation hub in the UK. In order for it to operate in the UK, it is necessary to grant immunities...
My Lords, this SI has been prepared by the Foreign, Commonwealth and Development Office. The Bank of England has made a successful bid to host the Bank for International Settlements innovation hub in the UK. In order for it to operate in the UK, it is necessary to grant immunities...
My Lords, I welcome this statutory instrument and thank the Minister for introducing it. I realise that this is an administrative
matter, so that this hub can be set up here with the relevant immunities and privileges required, although I note some of the concerns that other noble Lords have...
My Lords, I welcome this statutory instrument and thank the Minister for introducing it. I realise that this is an administrative
matter, so that this hub can be set up here with the relevant immunities and privileges required, although I note some of the concerns that other noble Lords have...
My Lords, I, too, welcome this statutory instrument. The Bank of England said in its press release at the time:
“The decision to establish this centre is a reflection on the UK’s position as a world leader in innovation and technology”.
However, as the noble Baroness, Lady Wheatcroft, said, the BIS is...
My Lords, I, too, welcome this statutory instrument. The Bank of England said in its press release at the time:
“The decision to establish this centre is a reflection on the UK’s position as a world leader in innovation and technology”.
However, as the noble Baroness, Lady Wheatcroft, said, the BIS is...
My Lords, first, let me say that I am extremely grateful to noble Lords for their contributions and support in welcoming this new initiative and the success that we have achieved with the Bank of England’s successful bid to host the innovation hub of the new Bank for International Settlements...
My Lords, first, let me say that I am extremely grateful to noble Lords for their contributions and support in welcoming this new initiative and the success that we have achieved with the Bank of England’s successful bid to host the innovation hub of the new Bank for International Settlements...
Lords motion to consider. Agreed to on question.
Lords motion to consider. Agreed to on question.
To ask the Chancellor of the Exchequer, what plans he has to establish a crypto currency reserve bank in the UK.
To ask the Chancellor of the Exchequer, what plans he has to establish a crypto currency reserve bank in the UK.
The government has no plans to establish a crypto currency reserve bank.
The Treasury and the Bank of England are continuing analytical work to evaluate the possible opportunities and risks associated with a UK central bank digital currency, and of central bank digital currency initiatives being undertaken elsewhere. The Bank of England published a discussion paper on a possible UK central bank digital currency alongside the Budget in March 2020, which closed for responses on 12 June. The Treasury and Bank of England are considering next steps.
The government is also considering how it can support innovation and mitigate risks posed by cryptoassets. The Treasury recently launched a consultation looking at the broader regulatory approach to cryptoassets, including new challenges from so-called ‘stablecoins’. It closes for responses on 21 March.
My honourable friend the Economic Secretary to the Treasury (John Glen) has today made the following Written Ministerial Statement.
The UK’s status as a global financial centre, our openness to trade and investment, and the ease of doing business here are all vital for our prosperity. These remarkable strengths also make...
My honourable friend the Economic Secretary to the Treasury (John Glen) has today made the following Written Ministerial Statement.
The UK’s status as a global financial centre, our openness to trade and investment, and the ease of doing business here are all vital for our prosperity. These remarkable strengths also make...
The UK’s status as a global financial centre, our openness to trade and investment, and the ease of doing business here are all vital for our prosperity. These remarkable strengths also make us vulnerable to the risk of illicit financial flows from money laundering and terrorist financing. The Government is...
The UK’s status as a global financial centre, our openness to trade and investment, and the ease of doing business here are all vital for our prosperity. These remarkable strengths also make us vulnerable to the risk of illicit financial flows from money laundering and terrorist financing. The Government is...
To ask the Secretary of State for Digital, Culture, Media and Sport, whether gambling using cryptocurrency is legal; and whether UK bookmakers are permitted to offer this service.
To ask the Secretary of State for Digital, Culture, Media and Sport, whether gambling using cryptocurrency is legal; and whether UK bookmakers are permitted to offer this service.
Cryptoassets are not illegal, but licensed gambling operators are only permitted to accept them as a payment method where they are able to ensure they are compliant with all Gambling Commission licence conditions and requirements, including anti-money laundering and safer gambling measures.
Operators are required to declare any changes to the arrangements through which they accept payment from customers to the Commission. This includes changes to the payment methods (including cryptoassets) or payment processors made available to customers to pay for gambling services. To date, no licensed operators have notified the Gambling Commission that they are accepting digital currencies or cryptoassets directly as payments but several have reported indirectly accepting funds derived from cryptoassets via a third party payment provider. In these cases, funds accepted by the licensee for gambling have been converted to fiat currency (£).
My Lords, we have certainly not abandoned any aspirations of mutual equivalence. As I said earlier, we cannot start from a position of almost perfect equivalence, and it is disappointing that the EU has not seen it appropriate, at this stage, to engage on a more collaborative basis. We had...
My Lords, we have certainly not abandoned any aspirations of mutual equivalence. As I said earlier, we cannot start from a position of almost perfect equivalence, and it is disappointing that the EU has not seen it appropriate, at this stage, to engage on a more collaborative basis. We had...
My Lords, I thank the Minister for repeating the Chancellor’s Statement. It quite rightly emphasises the high regard that the United Kingdom is held in throughout the world for its financial services, which, as he said, bring £130 billion to the Exchequer. We are also renowned for our gold standard...
My Lords, I thank the Minister for repeating the Chancellor’s Statement. It quite rightly emphasises the high regard that the United Kingdom is held in throughout the world for its financial services, which, as he said, bring £130 billion to the Exchequer. We are also renowned for our gold standard...
My Lords, the UKIM Bill is there as a precautionary instrument in the event that we do not achieve a deal at the end of this year, to protect the interests of this country.
My Lords, the UKIM Bill is there as a precautionary instrument in the event that we do not achieve a deal at the end of this year, to protect the interests of this country.