Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the use of cryptocurrencies as a payment method in the UK; and whether they plan to further regulate the use of those currencies.

The Government believes that cryptoassets, specifically stablecoins, have the potential to play a significant role in UK payments. The Government’s view is that action to bring UK-issued stablecoins into scope of payments regulation is best done alongside broader planned reforms to payments legislation. The Government intends to bring forward legislation delivering a comprehensive national regulatory framework for cryptoassets by the end of this year and is engaging with industry on draft legislation.