Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to tackle cryptocurrency fraud.

Fraud is the most common crime in the UK and the Government takes this issue very seriously. That is why we are committed to updating and expanding the UK fraud strategy to tackle the full range of threats. We are working with law enforcement and industry to reduce fraud and better protect the public and businesses from this devastating crime.

Further, the Financial Conduct Authority commenced enforcement of the cryptoassets financial promotion regime in October 2023. This requires firms to ensure that promotions for cryptoasset products and services are fair, clear and not misleading; meaning cryptoasset promotions are now held to the same standards financial services products with similar risk.

The Government is also proceeding to introduce a comprehensive UK financial services regulatory regime for cryptoassets, and intends to bring forward legislation for this as soon as possible this year.