Cryptocurrencies

Lord Tunnicliffe Excerpts

Tuesday 20th December 2022 Lords Chamber

[Lord Harlech (Con)]

The Government launched a new anti-money laundering and counterterrorist financing regime for crypto assets in January 2020. UK crypto asset exchange providers and custodian wallet providers are now in the scope of the UK’s money laundering and terrorist financing regulations. Furthermore, the FCA proactively supervises registered firms and has a range of criminal and civil enforcement powers at its disposal.

[Lord Tunnicliffe (Lab)]

My Lords, in response to the collapse of FTX, Singapore’s Finance Minister and Deputy Prime Minister, Lawrence Wong, said:

“Cryptocurrency platforms can collapse due to fraud, unsustainable business models, or excessive risk taking. FTX is not the first cryptocurrency platform to collapse, nor will it be the last. Those who trade in cryptocurrencies must be prepared to lose all their value… No amount of regulation can remove this risk.”


With this in mind, does it remain Rishi Sunak’s ambition to make the UK a global crypto hub?

[Lord Harlech (Con)]

The UK is taking a tailored and proportionate approach to crypto asset regulation that is sensitive to the risks posed and responsive to new developments in the market. Our proposed approach focuses on near-term and longer-term regulation. This will vary across different jurisdictions.