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Cryptocurrencies

Treasury written question – answered on 21st October 2019.

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Photo of Philip Davies Philip Davies Conservative, Shipley

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the Financial Conduct Authority’s proposed ban of cryptoasset investment products for retail investors on (a) Revolut and (b) other challenger banks that offer products linked to cryptoassets.

Photo of Philip Davies Philip Davies Conservative, Shipley

To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the UK’s status as a FinTech hub of the proposals by the Financial Conduct Authority to ban the sale of cryptoasset investment products for retail investors.

Photo of Philip Davies Philip Davies Conservative, Shipley

To ask the Chancellor of the Exchequer, what assessment he has made of the Financial Conduct Authority’s compliance with (a) section 138I of the Financial Services and Markets Act 2000 and (b) the powers under Article 42 of the Markets in Financial Instruments Regulation in relation to the proposed ban on the sale to retail clients of investment products that reference cryptoassets.

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

The Financial Conduct Authority (FCA) made a commitment to consult on the potential prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets in the final report of the Cryptoasset Taskforce, comprised of HM Treasury, the Bank of England and the Financial Conduct Authority, in October 2018.

The final decision on this consultation is a matter for the Financial Conduct Authority (FCA), which is operationally independent from government.

The government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms.

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