Commons Sense

House of Commons · Ministers' Questions

Cryptocurrency Companies in the UK

Tuesday 17 May 2022 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 3 Partly answered 0 Not answered 0

Key points

  • Giles Watling asked what steps are being taken to encourage cryptocurrency companies to operate in the UK; response mentioned ambitions to make Britain a global hub for cryptoasset technology and plans to consult on a future regulatory regime.
  • Giles Watling asked for a commitment to work with the cryptocurrency sector and the UK Cryptoasset Business Council to ensure a global advantage; response confirmed plans to meet the Council and engage dynamically with the industry.
  • Gregory Campbell asked what the Government is doing to ensure public awareness of the volatile cryptocurrency market; response noted that certain cryptoassets will be brought under financial promotions regulation and highlighted low public awareness of the risks involved.

Topics (select to filter)

Questions & Answers

Q1 Giles Watling Con
Business & Trade
Context

The MP is concerned about the growth of the cryptocurrency sector and its potential benefits for the UK economy.

Question

What steps he is taking to encourage cryptocurrency companies to operate in the UK?

Answer from John Glen

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.

Answered
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Q2 Giles Watling Con
Science & Technology
Context

The MP seeks clarification on the government's plans to work closely with the cryptocurrency industry.

Question

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?

Answer from John Glen

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 Gregory Campbell DUP East Londonderry
Science & Technology
Context

The MP is concerned about the rapid expansion of the cryptocurrency market and the need for public awareness regarding potential losses.

Question

What are the Government doing to ensure that the wider public are aware of the wild swings in the cryptocurrency market?

Answer from John Glen

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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