To ask His Majesty's Government whether they have made an assessment of the regulatory regimes in (1) Singapore, (2) the United Arab Emirates, and (3) the European Union, in attracting the business of crypto and digital assets firms; and in doing so, whether they have identified any lessons to learn in seeking to establish the United Kingdom as a global crypto asset technology hub.

Last year, the government published its final proposals for the financial services regulation of cryptoassets in the UK and is currently working on legislation to implement those proposals.

In progressing the UK’s regulatory framework for cryptoassets, the government has been closely engaged to both monitor developments in other jurisdictions, and to support thought leadership on cryptoassets in international fora such as the Financial Stability Board.

The Treasury also has regular economic and financial dialogues with partners such as Singapore and the European Union to share knowledge and discuss opportunities for cooperation in financial services, including cryptoassets regulation.