Question to the Home Office:

To ask His Majesty's Government whether they currently hold any Bitcoin, and if so, how much they hold; when and under what powers they accumulated it; which body or individual has custody over it; and how it is being stored.

Answered by Lord Hanson of Flint - Minister of State (Home Office)

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.

Question to the HM Treasury:

To ask His Majesty's Government what consideration they have given to establishing a strategic Bitcoin reserve for the UK and whether they will commission advice on this matter.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

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.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 19 December 2024 (HL3296), what advice they have sought on establishing a strategic Bitcoin reserve for the United Kingdom; and whether they have had discussions with the government of the United States of America about any potential benefits this might offer the United Kingdom.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

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.

Question to the Home Office:

To ask His Majesty's Government, further to Written Answer by Lord Hanson of Flint on 18 December 2024 (HL3295) for each year since 2019, how much cryptocurrency was recovered from confiscation, forfeiture, and civil recovery orders by (1) Police Forces in England and Wales, (2) the National Crime Agency, (3) His Majesty’s Revenue and Customs, (4) the Serious Fraud Office, (5) the Crown Prosecution Service, (6) Border Force, (7) the Financial Conduct Authority, and (8) local authorities in England and Wales.

Answered by Lord Hanson of Flint - Minister of State (Home Office)

The Home Office is reviewing plans to publish new statistics on crypto assets as part of future annual stats bulletins on asset recovery in response to the new powers that came into effect in April 2024.

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.

Question to the Home Office:

To ask His Majesty's Government, further to the Written Answer by Lord Hanson of Flint on 18 December 2024 (HL3295), of the £243.3 million of assets recovered from confiscation, forfeiture, and civil recovery orders in the financial year 2023–24, what percentage was made up by cryptocurrencies; and how much of this has been redistributed to law enforcement agencies under the Asset Recovery Incentivisation Scheme.

Answered by Lord Hanson of Flint - Minister of State (Home Office)

The Home Office is reviewing plans to publish new statistics on crypto assets as part of future annual stats bulletins on asset recovery in response to the new powers that came into effect in April 2024.

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.