Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her policies on (a) crypto and (b) digital asset regulation of policies on those matters in overseas jurisdictions.

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.

In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).

The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.

The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.