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.

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.