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A Westminster Hall debate on the regulation of cryptocurrencies is scheduled for Wednesday 25 January 2023 at 11 am. Dr Lisa Cameron will lead the debate.
A Westminster Hall debate on the regulation of cryptocurrencies is scheduled for Wednesday 25 January 2023 at 11 am. Dr Lisa Cameron will lead the debate.
To ask the Chancellor of the Exchequer, what progress his Department has made in response to the recommendations of the Kalifa Review of UK Fintech.
To ask the Chancellor of the Exchequer, what progress his Department has made in response to the recommendations of the Kalifa Review of UK Fintech.
The Government responded to the Kalifa Review of UK Fintech on 26 April 2021, setting out actions alongside regulators to ensure the UK remains at the global cutting edge of technology and innovation in financial services.
These actions include improved regulatory support for new and growing fintechs; initiatives to supercharge commercial support for UK fintechs seeking to expand internationally; and a new visa ‘scale up’ stream to attract global talent and boost the fintech workforce.
The Government’s full response is available at: https://questions-statements.parliament.uk/written-statements/detail/2021-04-26/hcws938.
On 29 October the Government announced £5 million of seed funding for a new Centre for Finance, Innovation and Technology (CFIT) as part for Spending Review 2021. CFIT was a central recommendation of the Kalifa Review, and it will focus on creating the right conditions for firms to scale, encouraging the mainstream adoption of fintech solutions, and fostering collaboration between growing regional fintech hubs.
To ask Her Majesty's Government what assessment they have made of the impact on regulated investment firms operating SME Growth Markets being required to charge their members stamp duty on transactions whilst recognised investment exchanges operating equivalent SME Growth Markets benefit from a waiver; and what assessment they have made...
To ask Her Majesty's Government what assessment they have made of the impact on regulated investment firms operating SME Growth Markets being required to charge their members stamp duty on transactions whilst recognised investment exchanges operating equivalent SME Growth Markets benefit from a waiver; and what assessment they have made...
The relief from Stamp Duty and Stamp Duty Reserve Tax for trades in unlisted shares admitted to Recognised Stock Exchanges which are designated as Recognised Growth Markets was introduced in 2014. The relief is designed to boost investor participation in equity growth markets and improve the conditions for growing companies raising equity finance.
Regulated investment firms that are operating SME Growth Markets are able to apply to HMRC for Recognised Stock Exchange and Recognised Growth Market status for their exchange, which will be granted if the exchange meets the relevant criteria. This would then allow their members to qualify for the relief.
The government believes that the relief in its current format strikes the right balance between ensuring revenue for public services and supporting growth for the economy.
However, as with all elements of the tax rules, the government keeps such reliefs under review, including the scope of the Stamp Duty growth market exemption.
Innovation is central to the UK government’s vision for the future of the UK’s financial services sector. The Kalifa Review of UK Fintech, published in February this year, was commissioned to ensure the UK is continuing to create the right conditions for our fintech businesses to grow and compete, both here and abroad. Following the Review, the government and regulators are now delivering its key recommendations.
To ask Her Majesty's Government what assessment they have made of the Financial Conduct Authority’s decision to restrict (1) non-cryptocurrency blockchain, and (2) non-cryptocurrency distributed ledger technology financial innovation, through its implementation of the cryptoasset register; and in particular, the compatibility of this decision with (a) Her Majesty’s Government’s policy...
To ask Her Majesty's Government what assessment they have made of the Financial Conduct Authority’s decision to restrict (1) non-cryptocurrency blockchain, and (2) non-cryptocurrency distributed ledger technology financial innovation, through its implementation of the cryptoasset register; and in particular, the compatibility of this decision with (a) Her Majesty’s Government’s policy...
The government believes that having an effective anti-money laundering and counter-terrorist financing regime goes hand-in-hand with supporting British fintech firms and consumers by providing confidence that new technologies can be used both reliably and safely. The scope of the UK’s anti-money laundering registration regime for cryptoassets is based on international standards agreed at the Financial Action Task Force (FATF). This applies to cryptoassets regardless of whether they are intended to function as a medium of exchange or as an investment. As the Kalifa review noted, the UK has a hard-won reputation of trust regarding regulation and the rule of law which we must build on. The government supports the FCA’s approach to establishing the regime, which will provide the confidence needed to support genuine innovation in the cryptoassets sector.
Whilst it is open to UK cryptoasset firms to relocate to another jurisdiction, most major financial centres worldwide are in FATF member jurisdictions, which are expected to implement AML standards for cryptoasset firms that are broadly in line with those in the UK. Firms based overseas that do not carry on their cryptoasset business in the UK may still interact with UK consumers. The government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January and will outline next steps in due course. The FCA’s consumer protection objective applies where the FCA is discharging one of its general objectives under the Financial Services and Markets Act 2000, and does not apply with regard to functions conferred under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).
Under the MLRs, firms are expected to assess money laundering and terrorist financing risks when considering the services they provide to current or potential customers. The ultimate decision about whether to provide services to a customer belongs to the bank, which may take into account commercial considerations in addition to financial crime risks.
To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market. That a firm is already permitted to carry out activities in one area therefore does not mean it meets the required standards for another area. It is therefore necessary for a firm to apply to be registered for its cryptoasset activities, even though it has already registered with the FCA for AML supervision related to other activities.
To ask Her Majesty's Government what assessment they have made of the Financial Conduct Authority’s decision to require authorised firms to re-apply for registration to engage in (1) non-cryptocurrency blockchain, and (2) non-cryptocurrency distributed ledger technology financial services innovation; and what assessment they have made of whether the implementation of...
To ask Her Majesty's Government what assessment they have made of the Financial Conduct Authority’s decision to require authorised firms to re-apply for registration to engage in (1) non-cryptocurrency blockchain, and (2) non-cryptocurrency distributed ledger technology financial services innovation; and what assessment they have made of whether the implementation of...
The government believes that having an effective anti-money laundering and counter-terrorist financing regime goes hand-in-hand with supporting British fintech firms and consumers by providing confidence that new technologies can be used both reliably and safely. The scope of the UK’s anti-money laundering registration regime for cryptoassets is based on international standards agreed at the Financial Action Task Force (FATF). This applies to cryptoassets regardless of whether they are intended to function as a medium of exchange or as an investment. As the Kalifa review noted, the UK has a hard-won reputation of trust regarding regulation and the rule of law which we must build on. The government supports the FCA’s approach to establishing the regime, which will provide the confidence needed to support genuine innovation in the cryptoassets sector.
Whilst it is open to UK cryptoasset firms to relocate to another jurisdiction, most major financial centres worldwide are in FATF member jurisdictions, which are expected to implement AML standards for cryptoasset firms that are broadly in line with those in the UK. Firms based overseas that do not carry on their cryptoasset business in the UK may still interact with UK consumers. The government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January and will outline next steps in due course. The FCA’s consumer protection objective applies where the FCA is discharging one of its general objectives under the Financial Services and Markets Act 2000, and does not apply with regard to functions conferred under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).
Under the MLRs, firms are expected to assess money laundering and terrorist financing risks when considering the services they provide to current or potential customers. The ultimate decision about whether to provide services to a customer belongs to the bank, which may take into account commercial considerations in addition to financial crime risks.
To comply with the MLRs, cryptoasset firms must demonstrate systems, controls, policies and procedures adequate to deal with the particular risks of the cryptoasset market. That a firm is already permitted to carry out activities in one area therefore does not mean it meets the required standards for another area. It is therefore necessary for a firm to apply to be registered for its cryptoasset activities, even though it has already registered with the FCA for AML supervision related to other activities.
My Lords, I beg leave to ask the Question standing in my name on the Order Paper and declare my interests as set out in the register.
My Lords, I beg leave to ask the Question standing in my name on the Order Paper and declare my interests as set out in the register.
My Lords, the Government welcome the Kalifa Review of UK Fintech. The Chancellor recently set out the Government’s response at UK FinTech Week. This includes plans to take forward a regulatory scale box for growing firms; government support for an industry-led centre for finance, innovation and technology; improvements to tech visas to attract global talent; and plans to make the UK a more attractive location for public listings.
My Lords, the Government welcome the Kalifa Review of UK Fintech. The Chancellor recently set out the Government’s response at UK FinTech Week. This includes plans to take forward a regulatory scale box for growing firms; government support for an industry-led centre for finance, innovation and technology; improvements to tech visas to attract global talent; and plans to make the UK a more attractive location for public listings.
My Lords, fintech has a critical role to play in our Covid recovery, in enabling financial inclusion and in levelling up, not least through the nations’ and regions’ fintech clusters. Does my noble friend the Minister agree? What is the Government’s plan to make these criticalities a reality?
My Lords, fintech has a critical role to play in our Covid recovery, in enabling financial inclusion and in levelling up, not least through the nations’ and regions’ fintech clusters. Does my noble friend the Minister agree? What is the Government’s plan to make these criticalities a reality?
My Lords, the Government recognise the importance of fintech in our economy. Indeed, that needs to flow through to the curriculum; we have extended the number of pupils studying computer science at A-level, for example. In the Cabinet Office, in my role overseeing the Government Digital Service I pushed that out to Bristol and Manchester to engage much more closely with FE and HE in those cities. My noble friend is absolutely right; continual focus on this is needed.
My Lords, the Government recognise the importance of fintech in our economy. Indeed, that needs to flow through to the curriculum; we have extended the number of pupils studying computer science at A-level, for example. In the Cabinet Office, in my role overseeing the Government Digital Service I pushed that out to Bristol and Manchester to engage much more closely with FE and HE in those cities. My noble friend is absolutely right; continual focus on this is needed.
My Lords, the Government recognise the importance of fintech in our economy. Indeed, that needs to flow through to the curriculum; we have extended the number of pupils studying computer science at A-level, for example. In the Cabinet Office, in my role overseeing the Government Digital Service I pushed that out to Bristol and Manchester to engage much more closely with FE and HE in those cities. My noble friend is absolutely right; continual focus on this is needed.
My Lords, fintech has a critical role to play in our Covid recovery, in enabling financial inclusion and in levelling up, not least through the nations’ and regions’ fintech clusters. Does my noble friend the Minister agree? What is the Government’s plan to make these criticalities a reality?
My Lords, the Chancellor of the Exchequer said at the UK FinTech Week conference that the Government would
“push the boundaries of digital finance”.
Does the Minister acknowledge the risk that, in cheerleading the latest technology, the Government will fail to count the costs of runaway financial innovation: both the obvious environmental costs—Bitcoin climate emissions are equivalent to those of the whole nation of Norway—and the dangers to the security of our real economy and lives? This was the world experience of 2007 and 2008, which they risk forgetting.
My Lords, the Chancellor of the Exchequer said at the UK FinTech Week conference that the Government would
“push the boundaries of digital finance”.
Does the Minister acknowledge the risk that, in cheerleading the latest technology, the Government will fail to count the costs of runaway financial innovation: both the obvious environmental costs—Bitcoin climate emissions are equivalent to those of the whole nation of Norway—and the dangers to the security of our real economy and lives? This was the world experience of 2007 and 2008, which they risk forgetting.
The Government absolutely recognise the risk of a financially weak system. We learned important lessons 12 years ago and they are very much part of our institutional memory.
The Government absolutely recognise the risk of a financially weak system. We learned important lessons 12 years ago and they are very much part of our institutional memory.
The Government absolutely recognise the risk of a financially weak system. We learned important lessons 12 years ago and they are very much part of our institutional memory.
My Lords, the Chancellor of the Exchequer said at the UK FinTech Week conference that the Government would
“push the boundaries of digital finance”.
Does the Minister acknowledge the risk that, in cheerleading the latest technology, the Government will fail to count the costs of runaway financial innovation: both the obvious environmental costs—Bitcoin climate emissions are equivalent to those of the whole nation of Norway—and the dangers to the security of our real economy and lives? This was the world experience of 2007 and 2008, which they risk forgetting.
My Lords, I refer to my interests as set out in the register. Has the Treasury given any consideration to the specific recommendation to amend the EIS, SEIS and VCT rules to make it easier to attract investment into these start-ups and to retain the tax reliefs when the business models evolve into more regulated activities? This would cost the Treasury very little but unlock a potentially substantial amount of capital.
My Lords, I refer to my interests as set out in the register. Has the Treasury given any consideration to the specific recommendation to amend the EIS, SEIS and VCT rules to make it easier to attract investment into these start-ups and to retain the tax reliefs when the business models evolve into more regulated activities? This would cost the Treasury very little but unlock a potentially substantial amount of capital.
My noble friend raises important points. These matters are always under discussion in the Treasury, although it is important to stress that there is a large amount of capital out there to support early-stage businesses. We see that in the valuations these businesses are achieving, even at an early stage. However, we will keep it under review.
My noble friend raises important points. These matters are always under discussion in the Treasury, although it is important to stress that there is a large amount of capital out there to support early-stage businesses. We see that in the valuations these businesses are achieving, even at an early stage. However, we will keep it under review.
My noble friend raises important points. These matters are always under discussion in the Treasury, although it is important to stress that there is a large amount of capital out there to support early-stage businesses. We see that in the valuations these businesses are achieving, even at an early stage. However, we will keep it under review.
My Lords, I refer to my interests as set out in the register. Has the Treasury given any consideration to the specific recommendation to amend the EIS, SEIS and VCT rules to make it easier to attract investment into these start-ups and to retain the tax reliefs when the business models evolve into more regulated activities? This would cost the Treasury very little but unlock a potentially substantial amount of capital.
My Lords, while it is encouraging to see the Chancellor’s commitment to the scale-up visa scheme, what are the Government doing to ensure that our education system is updated to bring in financial, digital and business skills to encourage the next generation of entrepreneurs and innovators?
My Lords, while it is encouraging to see the Chancellor’s commitment to the scale-up visa scheme, what are the Government doing to ensure that our education system is updated to bring in financial, digital and business skills to encourage the next generation of entrepreneurs and innovators?
My Lords, as I touched on in answer to an earlier question, we absolutely recognise how important is to get our young people enthused by this industry of the future. I referred to computer science, and we are certainly looking at increasing the number of maths teachers so that children can be more enthused at an early age. I hope to meet the Israeli ambassador shortly in order to understand more about Israel’s Magshimim programme, which gets 14 year-olds involved in a career in cybersecurity.
My Lords, as I touched on in answer to an earlier question, we absolutely recognise how important is to get our young people enthused by this industry of the future. I referred to computer science, and we are certainly looking at increasing the number of maths teachers so that children can be more enthused at an early age. I hope to meet the Israeli ambassador shortly in order to understand more about Israel’s Magshimim programme, which gets 14 year-olds involved in a career in cybersecurity.
My Lords, as I touched on in answer to an earlier question, we absolutely recognise how important is to get our young people enthused by this industry of the future. I referred to computer science, and we are certainly looking at increasing the number of maths teachers so that children can be more enthused at an early age. I hope to meet the Israeli ambassador shortly in order to understand more about Israel’s Magshimim programme, which gets 14 year-olds involved in a career in cybersecurity.
My Lords, while it is encouraging to see the Chancellor’s commitment to the scale-up visa scheme, what are the Government doing to ensure that our education system is updated to bring in financial, digital and business skills to encourage the next generation of entrepreneurs and innovators?
My Lords, this is an important report, laying down the way to go in this area, but what I find lacking is consideration of how it will affect the consumer of financial services. It is important not to fall into stereotypes, but there is a real problem with the digital exclusion of some consumers across all sections of our society. Will the Minister assure the House that, hand in hand with the development of financial technology, consideration will be given to ensuring the widest possible sharing of the benefits by consumers?
My Lords, this is an important report, laying down the way to go in this area, but what I find lacking is consideration of how it will affect the consumer of financial services. It is important not to fall into stereotypes, but there is a real problem with the digital exclusion of some consumers across all sections of our society. Will the Minister assure the House that, hand in hand with the development of financial technology, consideration will be given to ensuring the widest possible sharing of the benefits by consumers?
The noble Lord is right: we do not want to see citizens excluded from the digital world into which we are heading, and that matter is under continual consideration. It is also worth stressing that, as a country, we are very much innovators and our consumers are keen for the sort of products that are coming out. For example, 2.5 million UK consumers and businesses now use open banking-enabled products; indeed, we were the first country to develop open banking standards, in 2018.
The noble Lord is right: we do not want to see citizens excluded from the digital world into which we are heading, and that matter is under continual consideration. It is also worth stressing that, as a country, we are very much innovators and our consumers are keen for the sort of products that are coming out. For example, 2.5 million UK consumers and businesses now use open banking-enabled products; indeed, we were the first country to develop open banking standards, in 2018.
The noble Lord is right: we do not want to see citizens excluded from the digital world into which we are heading, and that matter is under continual consideration. It is also worth stressing that, as a country, we are very much innovators and our consumers are keen for the sort of products that are coming out. For example, 2.5 million UK consumers and businesses now use open banking-enabled products; indeed, we were the first country to develop open banking standards, in 2018.
My Lords, this is an important report, laying down the way to go in this area, but what I find lacking is consideration of how it will affect the consumer of financial services. It is important not to fall into stereotypes, but there is a real problem with the digital exclusion of some consumers across all sections of our society. Will the Minister assure the House that, hand in hand with the development of financial technology, consideration will be given to ensuring the widest possible sharing of the benefits by consumers?
Scale-up for our fintech sector requires access to international markets. The Government overlooked this in Brexit negotiations and equivalence from the EU now looks unattainable.
Fintech is problematic in trade negotiations with the US because the UK industry risks being swamped. How will this Government deliver access for fintech to major and key international markets?
Scale-up for our fintech sector requires access to international markets. The Government overlooked this in Brexit negotiations and equivalence from the EU now looks unattainable.
Fintech is problematic in trade negotiations with the US because the UK industry risks being swamped. How will this Government deliver access for fintech to major and key international markets?
My Lords, the Department for International Trade has just announced two initiatives which I hope will help to address the noble Baroness’s concerns: a new fintech cohort within the DIT Export Academy initiative to provide bespoke one-to-one advice to eligible UK fintechs that are ready to scale into key markets, and a DIT-led fintech champions scheme to promote UK fintech overseas and support UK fintechs to grow internationally through mentoring and peer-to-peer learning.
My Lords, the Department for International Trade has just announced two initiatives which I hope will help to address the noble Baroness’s concerns: a new fintech cohort within the DIT Export Academy initiative to provide bespoke one-to-one advice to eligible UK fintechs that are ready to scale into key markets, and a DIT-led fintech champions scheme to promote UK fintech overseas and support UK fintechs to grow internationally through mentoring and peer-to-peer learning.
My Lords, the Department for International Trade has just announced two initiatives which I hope will help to address the noble Baroness’s concerns: a new fintech cohort within the DIT Export Academy initiative to provide bespoke one-to-one advice to eligible UK fintechs that are ready to scale into key markets, and a DIT-led fintech champions scheme to promote UK fintech overseas and support UK fintechs to grow internationally through mentoring and peer-to-peer learning.
Scale-up for our fintech sector requires access to international markets. The Government overlooked this in Brexit negotiations and equivalence from the EU now looks unattainable.
Fintech is problematic in trade negotiations with the US because the UK industry risks being swamped. How will this Government deliver access for fintech to major and key international markets?
My Lords, fintech has much to offer. I am pleased that, when I was on the board, Transport for London united its huge customer base with the banks to introduce and deliver contactless payment to this country—well ahead of the United States, it should be said. However, finance remains a risky business. Does my noble friend agree that we should not be led astray by the glitz of the new, that the underlying financial transactions are broadly what they always were, and that the financial risks, particular and systemic, remain essentially the same?
My Lords, fintech has much to offer. I am pleased that, when I was on the board, Transport for London united its huge customer base with the banks to introduce and deliver contactless payment to this country—well ahead of the United States, it should be said. However, finance remains a risky business. Does my noble friend agree that we should not be led astray by the glitz of the new, that the underlying financial transactions are broadly what they always were, and that the financial risks, particular and systemic, remain essentially the same?
My noble friend is right that finance is an inherently risky business; my great-plus-three grandfather and his two brothers founded Close Brothers, so risk is certainly in my genes. That is one reason why we are introducing the sandbox concept, whereby this technology can be tested in a safe environment without exposing the economy to any risk.