No such assessment has been made.

As per responses from my predecessor, the Proceeds of Crime Act provides a clear process for the management and realisation of seized assets, while the UK's official reserves are governed by established investment principles. There are currently no plans to amend either framework or to commission a review into the potential role of Bitcoin and other digital assets as reserve assets or in a wider financial strategy.

Under the Proceeds of Crime Act 2002 (POCA), which sets out the necessary steps for the management and realisation of assets, the seizure, recovery and management of Bitcoin assets is subject to consideration of independent law enforcement and the courts.

There are no current plans to amend the Act to divert seized coins to a centrally-held fund or reserve.

I am unable to comment on any ongoing civil recovery investigations.

Under the Proceeds of Crime Act, which sets out necessary steps for the management and realisation of assets, the seizure, recovery and management of Bitcoin assets is subject to consideration of independent law enforcement and the courts.

There are no currently plans to amend the Act to divert seized coins to a centrally held fund or reserve.

The Home Office is responsible for the Proceeds of Crime Act 2002 (POCA).

POCA equips law enforcement agencies with a range of powers to deprive criminals of their money, or other property connected to criminal activity, and recover the proceeds of crime, including cryptocurrencies.

In April 2024, new powers came into force to enable law enforcement to more effectively investigate, seize, and recover the proceeds of crime within the cryptoasset ecosystem.

As with all assets, action to seize, recover and manage cryptoassets is for operational agencies, such as independent law enforcement bodies, and the courts to consider.

Criminal proceeds recovered via POCA can subsequently be returned in compensation to victims (following criminal conviction) or reinvested for use in tackling crime through the Asset Recovery Incentivisation Scheme (ARIS) and ARIS ‘Top Slice’ grant.

Further Information on both ARIS can be found in the data tables within the Asset Recovery Statistical Bulletin, which is published annually by the Home Office: Asset recovery statistics, financial years ending 2019 to 2024: Data Tables.

HM Treasury currently has no plans to establish a bitcoin reserve fund.

The UK’s official reserves comprise foreign currency assets (cash, bonds and notes), gold assets and International Monetary Fund (IMF) Special Drawing Rights (SDR), which are held in the Exchange Equalisation Account (EEA).

Bitcoin and other cryptoassets have been historically volatile relative to stable fiat currencies like the US dollar and commodities, such as gold. This volatility makes Bitcoin less suitable as a reserve asset for the UK.

As set out in my previous response, HM Treasury currently has no plans to adopt a strategic bitcoin reserve.

The UK and US have a close and historic relationship and hold regular engagement. We will not comment on hypothetical policy positions.

The UK’s foreign currency assets are held in the Exchange Equalisation Account. These assets are managed in line with the following investment principles:

• Ensuring readiness to meet the policy requirements of the reserves
• Limiting risk and volatility to avoid compromising the policy readiness of the reserves
• Maximising returns within these constraints

Bitcoin has been a historically highly volatile asset relative to stable fiat currencies like the US dollar, and commodities, such as gold. This volatility makes Bitcoin unsuitable as a reserve asset for the UK.

Given this, the Government has no plans to adopt a strategic Bitcoin reserve.

The Government does not hold any Bitcoin.

The Proceeds of Crime Act 2002 (POCA) contains powers to deprive criminals of their money, or other property connected to criminal activity, and recover the proceeds of crime, including cryptocurrencies. As with all assets, action to seize, recover and manage crypto assets is for independent law enforcement bodies and the courts to consider.

We do not routinely publish the amount recovered under the Proceeds of Crime Act 2002 by asset type. We publish annual statistics on the amount of proceeds of crime confiscated and recovered as detailed on GOV.UK Asset recovery statistics: financial years ending 2019 to 2024 - GOV.UK.

Companies House are unable to provide this information as the Standard Industrial Classification (SIC) codes used for the purposes of describing a company’s business activity does not include a code for “bitcoin mining”.

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.

In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.

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.

In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.

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.

In November 2020, the Chancellor announced that the UK will implement a green taxonomy – a common framework for determining which activities can be defined as environmentally sustainable – which will improve understanding of the impact of firms’ activities and investments on the environment and support our transition to a sustainable economy. More details on the green taxonomy will be announced in due course.

I refer the Hon. Member to the answer given on 14 April.

The Government’s 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 and resilience, energy transition, nature and zero-emission vehicles. Without the right levels of finance, the rest is not possible.

The Government has already taken action to ensure the UK is the world-leading centre for green finance including through announcing an intention to make disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) fully mandatory across the economy by 2025, making the UK the first country to do so.

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.

The regulation of financial advisors is a matter for the Financial Conduct Authority (FCA). The regulatory framework is determined in legislation by European Directives and the Regulated Activities Order, and the FCA sets the standards for firms that fall within that framework.