Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to encourage cryptocurrency companies to operate in the UK.

In April 2022, the government set out ambitious plans for the UK to harness the benefits of crypto technologies. It is taking forward a number of measures to both foster innovation and implement a regulatory framework that encourages responsible participation in cryptoasset markets.

HM Treasury recently finished consulting on wide-ranging proposals for cryptoasset regulation, aimed at placing the UK at the forefront of crypto innovation and responding to risks in the market. These proposals seek to provide the regulatory clarity needed for long-term investment, innovation, consumer protection, and financial stability for cryptoassets firms to operate in the UK. The government will publish a response to the consultation in due course.