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Question for Treasury

UIN HL11865, tabled on 27 November 2018

To ask Her Majesty's Government whether they have any plans for market regulation of crypto-currencies.

Answered on

11 December 2018

The government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – earlier this year, to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report sets out the path forward with respect to cryptoasset regulation in the UK.

The government will:

  • bring cryptoasset exchanges and custodian wallet providers within the scope of anti-money laundering and counter-terrorist financing regulation through the transposition of the EU Fifth Anti-Money Laundering Directive (5MLD), and consult on going beyond the requirements of 5MLD;

  • consult on whether the regulatory perimeter requires extension in relation to cryptoassets that have comparable features to specified investments but that fall outside the perimeter; and

  • issue a consultation to further explore whether and how exchange tokens and related firms, such as exchanges and wallet providers, could be regulated effectively.

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