It is a pleasure to serve under your chairmanship, Ms McVey. I congratulate the hon. Member for East Kilbride, Strathaven and Lesmahagow on securing this debate on crypto regulation. The goal is simple: we want the UK to be the home of an open, well regulated and technologically advanced sector. Recent events have highlighted some vulnerabilities in the cryptoassets sector but it is important that we learn from them and use the opportunity to perfect our own regulation. Government policy is to introduce timely, sensible and balanced regulation to allow the safe use of the technology while ensuring a fair share of opportunities. The fintech sector is a great success story for both the City of London and the wider UK economy, attracting more fintech investment than the next 13 European countries combined last year. The Financial Conduct Authority currently has 41 such firms registered in the UK, with regulations around hurdles that firms have to clear. I will hold six roundtables with the sector during calendar year 2023 to encourage broad and deep engagement. A consultation paper on the regulatory approach to cryptoassets will be published very soon, a matter of weeks, not months.