Crypto Asset Technology

Lord McFall of Alcluith Excerpts

Thursday 21st July 2022 Lords Chamber

[Baroness Penn (Con)]

My noble friend is right about the risks around money laundering and illicit finance. That is why crypto assets were brought within the anti-money laundering regime a few years ago. She is also absolutely right that some crypto assets can have a significant environmental impact. It is about the method by which they are generated or proved, and that is something we will consider as part of our consultation later this year.

[The Lord Speaker (Lord McFall of Alcluith)]

I call the noble Lord, Lord Jones of Cheltenham, for a remote contribution.

[Lord Jones of Cheltenham (LD) [V]]

My Lords, has the Minister seen research from cybersecurity company NordVPN about cryptocurrency scammers targeting British pension pots? Fraud losses were more than £226 million in the year to May 2022, up 58% from £143 million in the previous year. To protect British citizens from these bitcoin bandits, will the Minister issue advice to “Beware of dodgy downloads; don’t be rushed; do your homework; be suspicious of celebrity endorsements; and use a virtual private network service so that hackers won’t be able to see what you do online”?