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Cryptocurrencies: Regulation

Question for Treasury

UIN 194933, tabled on 18 July 2023

To ask the Chancellor of the Exchequer, whether his Department plans to give the Financial Conduct Authority further powers to regulate crypto-related companies.

Answered on

26 July 2023

HMT published a public consultation on 1 February 2023 on the ‘Future financial services regulatory regime for cryptoassets’, outlining how the Government will set the regulatory perimeter for the FCA to make rules regulating crypto-related companies. Under these proposals, firms providing cryptoasset services would need to become FCA authorised and meet a range of new requirements, including (for example) prudential, data reporting, consumer protection, location policy and operational resilience requirements.

Answered by

Treasury