Cryptocurrencies: Children

Treasury written question – answered on 25th November 2021.

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Photo of Lyn Brown Lyn Brown Shadow Minister (Justice)

To ask the Chancellor of the Exchequer, if he will make an assessment of the risks to children and their families of (a) cryptocurrencies and (b) cryptocurrency trading platforms using imagery, sounds and gamification techniques designed to appeal to children in their marketing.

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

The Government takes the issue seriously, and the Government and the financial regulators are acting to address risks relating to unsuitable marketing.

Last year the Government consulted on a proposal to bring certain cryptoassets into financial promotions regulation. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity and accuracy that exist in the financial services industry.

To further protect consumers, the FCA has banned the sale of cryptoasset derivatives to retail consumers, and has issued warnings highlighting that consumers who invest in cryptoassets should be prepared to lose their money. Earlier this year the FCA also launched a new InvestSmart campaign to help new investors understand the risks they may face.

More broadly, financial education was made statutory for 11 to 16-year olds within the national curriculum for citizenship in England in 2014, to ensure that children growing up gain the essential skills in managing money.

The Department for Education and HM Treasury work closely with the Money and Pensions Service on supporting on financial education for children and young people and to meet the goal of the UK Strategy for Financial Wellbeing for 2 million more children to have meaningful financial education by 2030. The Money and Pensions Service recently released guidance for schools in England which can be found on their website.

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