A Westminster Hall debate on the Government's regulatory approach to crypto-assets and currencies is scheduled for Wednesday 7 September 2022 at 9.30am. The Member leading the debate is Martin Docherty-Hughes MP.
Government’s regulatory approach to crypto-assets and currencies (238 KB , PDF)
Regulation of cryptoassets has developed with the phenomenon itself. Overall, UK regulators have attempted to balance supporting innovation with protecting consumers and financial stability.
In 2018, the Cryptoassets Taskforce brought together the Treasury, the Financial Conduct Authority (FCA) and the Bank of England to coordinate responses.
In April 2022, the Government announced its plan to make the UK “a global cryptoasset technology hub”.
The FCA has taken various actions to protect consumers, through issuing warnings about the risks involved and banning the retail sale of certain financial products. The Government plans to give the FCA more powers to regulate financial promotions relating to cryptoassets.
Although the decentralised nature of cryptoassets trading makes regulation difficult, since 2020 the FCA has required businesses “carrying on cryptoasset activity in the UK” to seek registration and ensure compliance with anti money laundering and counter-terrorist financing regimes.
Given their potential as a means of exchange, the Government intends to bring stablecoins into the regulatory perimeter through the Financial Services and Markets Bill, whose second reading is scheduled for 7 September. The Bill would complement this by enabling the development of experimental “digital sandboxes”.
Government’s regulatory approach to crypto-assets and currencies (238 KB , PDF)
Business and Consumer Confidence: Information on business and consumer confidence surveys, which is generally released ahead of official statistical data and can indicate changes to the economic outlook as well as turning points in the economic cycle.
Benefit claimants are experiencing a reduction in the real value of their payments at a time when rising inflation is hitting low-income households the hardest.
In response to Russian military action in Ukraine, Western allies and other partners across the globe have imposed an unprecedented package of coordinated sanctions against Russia. This briefing paper should be taken as correct at the time of writing.
