Cryptocurrencies: Regulation

Treasury written question – answered on 13th June 2022.

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Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the FCA’s decision to classify cryptoassets as a restricted mass market investment.

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

In January 2022 the government published a response to its consultation on a proposal to bring certain cryptoassets into the scope of the Financial Promotion Order to ensure that cryptoasset promotions are fair, clear, and not misleading.

The forthcoming legislation, and supportive FCA rules, will regulate in-scope cryptoasset financial promotions. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products.

The FCA’s consultation on its rules closed in March 2022 and it is currently considering representations from firms.

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