Cryptocurrency Companies in the UK 2022-05-17
2022-05-17
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Questions & Answers
Q1
Direct Answer
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Context
The MP is concerned about the growth of the cryptocurrency sector and its potential benefits for the UK economy.
What steps he is taking to encourage cryptocurrency companies to operate in the UK?
At Fintech Week on 4 April, I set out our firm ambition to make Britain a global hub for cryptoasset technology. This includes consulting on a future regulatory regime later this year, legislating to bring stablecoins into payments regulation, and exploring ways to enhance the competitiveness of the UK tax system.
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Q2
Direct Answer
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The MP seeks clarification on the government's plans to work closely with the cryptocurrency industry.
Will he commit to working with the cryptocurrency sector and the UK Cryptoasset Business Council to ensure that the UK's future regulatory parameter can instil a global advantage?
Yes, absolutely. My officials are meeting the Cryptoasset Business Council later this week. We want to take a dynamic approach to industry engagement and work closely with similar organisations as we aim for global leadership.
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Q3
Direct Answer
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The MP is concerned about the rapid expansion of the cryptocurrency market and the need for public awareness regarding potential losses.
What are the Government doing to ensure that the wider public are aware of the wild swings in the cryptocurrency market?
We monitor these issues closely. In January, we announced that certain cryptoassets will be brought within financial promotions regulation. The FCA's advice shows only one in 10 cryptoholders are aware they can lose all their money, so we need to raise awareness.
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