Digital Assets: Regulation
The question
To ask the Chancellor of the Exchequer, what progress she has made through (a) the G7, (b) the G20 and (c) other international forums on developing global standards for crypto and digital asset regulation.
Answered by Emma Reynolds
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →