Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure continual engagement with the crypto and digital asset industry.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
HM Treasury engages regularly with a range of stakeholders in the crypto and digital asset sectors, and the progress Government has made on developing a financial services regulatory regime for cryptoassets has been made possible by this constructive, ongoing engagement with industry.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her policies on (a) crypto and (b) digital asset regulation of policies on those matters in overseas jurisdictions.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with overseas regulators on the development of global standards for crypto and digital assets.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans she has for UK Government participation in the development of global international standards for crypto and digital assets.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress she has made through (a) the G7, (b) the G20 and (c) other international forums on developing global standards for crypto and digital asset regulation.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that regulation of the (a) crypto and (b) digital asset sector helps to (i) protect consumers and (ii) foster innovation in the sector.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
The Government’s approach seeks to strike the right balance between protecting consumers and giving firms regulatory certainty, while ensuring the sector has the space and flexibility to innovate.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department plans to bring forward legislative proposals on (a) crypto and (b) digital assets.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
The Government’s approach seeks to strike the right balance between protecting consumers and giving firms regulatory certainty, while ensuring the sector has the space and flexibility to innovate.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the Department of Health and Social Care:
To ask the Secretary of State for Health and Social Care, what steps he is taking with relevant authorities to help prevent alcohol-related deaths in (a) Romford constituency and (b) England.
Answered by Ashley Dalton - Parliamentary Under-Secretary (Department of Health and Social Care)
The increase in alcohol related deaths and those linked to cocaine usage is concerning. The Government is committed to ensuring that anyone with a drug or alcohol problem can access the help and support they need, and we recognise the need for evidenced-based, high-quality treatment to reduce the numbers of alcohol and drug related deaths.
Local authorities are responsible for assessing the local need for alcohol and drug prevention and treatment in their area, and for commissioning services to meet those needs. In addition to the Public Health Grant, in 2025/26, the Department is providing a total of £310 million in additional targeted grants to improve drug and alcohol services and recovery support, which includes housing and employment. Havering Borough Council, of which Romford is a part, will receive £400,302 from this additional grant funding in 2025/26.
The Department has an action plan in place to reduce drug and alcohol-related deaths, which is currently being reviewed to ensure that it is grounded in the latest understanding of the drivers of drug and alcohol related deaths, and is responding to these. In 2024, the Department published guidance for local authorities and their partnerships on how to review adult drug and alcohol-related deaths and near-fatal overdoses to prevent future deaths.
Alongside the funding allocations, the Department has a range of existing and forthcoming best practice resources and guidance that supports those working in the sector to tailor drug and alcohol treatment services to meet local needs to improve treatment outcomes. The commissioning quality standard provides guidance to local authorities on how to ensure they have a shared understanding of local need, including the experiences of diverse populations. The commissioning quality standard can be found at the following link:
https://www.gov.uk/government/publications/commissioning-quality-standard-alcohol-and-drug-services
Later this year the Department will also be publishing the United Kingdom clinical guidelines on alcohol treatment, which will include recommendations on developing effective, accessible, and inclusive services. The aim of the guidelines is to promote and support good practice and improve the quality of service provision, resulting in better outcomes. The Department continues to work with all local areas to address unmet needs and drug and alcohol misuse deaths, and to drive improvements in the continuity of care. This includes the Unmet Need Toolkit, which can be used by local areas to assess local need and plan to meet it.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the Department of Health and Social Care:
To ask the Secretary of State for Health and Social Care, what steps he is taking with relevant authorities to prevent cocaine-related deaths in (a) Romford constituency and (b) England.
Answered by Ashley Dalton - Parliamentary Under-Secretary (Department of Health and Social Care)
The increase in alcohol related deaths and those linked to cocaine usage is concerning. The Government is committed to ensuring that anyone with a drug or alcohol problem can access the help and support they need, and we recognise the need for evidenced-based, high-quality treatment to reduce the numbers of alcohol and drug related deaths.
Local authorities are responsible for assessing the local need for alcohol and drug prevention and treatment in their area, and for commissioning services to meet those needs. In addition to the Public Health Grant, in 2025/26, the Department is providing a total of £310 million in additional targeted grants to improve drug and alcohol services and recovery support, which includes housing and employment. Havering Borough Council, of which Romford is a part, will receive £400,302 from this additional grant funding in 2025/26.
The Department has an action plan in place to reduce drug and alcohol-related deaths, which is currently being reviewed to ensure that it is grounded in the latest understanding of the drivers of drug and alcohol related deaths, and is responding to these. In 2024, the Department published guidance for local authorities and their partnerships on how to review adult drug and alcohol-related deaths and near-fatal overdoses to prevent future deaths.
Alongside the funding allocations, the Department has a range of existing and forthcoming best practice resources and guidance that supports those working in the sector to tailor drug and alcohol treatment services to meet local needs to improve treatment outcomes. The commissioning quality standard provides guidance to local authorities on how to ensure they have a shared understanding of local need, including the experiences of diverse populations. The commissioning quality standard can be found at the following link:
https://www.gov.uk/government/publications/commissioning-quality-standard-alcohol-and-drug-services
Later this year the Department will also be publishing the United Kingdom clinical guidelines on alcohol treatment, which will include recommendations on developing effective, accessible, and inclusive services. The aim of the guidelines is to promote and support good practice and improve the quality of service provision, resulting in better outcomes. The Department continues to work with all local areas to address unmet needs and drug and alcohol misuse deaths, and to drive improvements in the continuity of care. This includes the Unmet Need Toolkit, which can be used by local areas to assess local need and plan to meet it.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to help ensure that applications to the Financial Conduct Authority for licences to operate in the UK by (a) crypto and (b) digital asset businesses are processed in a timely manner.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).
Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.