Cryptocurrencies: Regulation

Treasury written question – answered on 24th June 2019.

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Photo of Gavin Shuker Gavin Shuker Independent, Luton South

To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the regulation of cryptocurrencies in the UK.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report[1] set out commitments to further consider the regulatory approach to cryptoassets.

The Government has recently consulted on plans to go beyond the requirements set out in the EU’s Fifth Anti-Money Laundering Directive to bring all relevant cryptoasset firms into anti-money laundering regulation.

The Government will consult on its approach to unregulated cryptoassets later this year.


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