Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what regulatory measures are in place to ensure the stability and security of investments in cryptocurrencies; and whether any additional measures are being considered.

1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.