Crypto Asset Technology

Lord Tunnicliffe Excerpts

Thursday 21st July 2022 Lords Chamber

[Lord Tunnicliffe (Lab)]

My Lords, during the SI debate earlier this week, the Minister and I discussed the need to better regulate crypto assets, particularly in relation to money laundering. In her answers today, she seems to accept that cryptocurrencies potentially facilitate money laundering. Does she not feel that this is very important and must be gripped quickly?

[Baroness Penn (Con)]

I absolutely agree with the noble Lord about the importance of ensuring that crypto assets cannot be used for money laundering or, for example, for the avoidance of sanctions when it comes to Russia and its invasion of Ukraine. That is why we have brought it within our anti-money laundering regime. We have extended the scope of those rules. The SI that we were debating this week is part of the action to do so. We will also continue to work internationally on the regulation of crypto assets, because that action is needed to ensure that other jurisdictions cannot become areas where people use crypto assets for illicit finance.