Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure consumer protection under the Financial Conduct Authority's plans to exempt cryptoasset providers from some traditional financial rules.

The Government is bringing forward legislation this year that will create a comprehensive financial services regulatory regime for cryptoassets. This regime will mean firms seeking to offer cryptoasset services to UK customers will need to be authorised and regulated by the Financial Conduct Authority. This new regime will build on existing UK protections provided by anti-money laundering regulations and financial promotions rules.