To ask His Majesty's Government what assessment they have made of the impact of the increased value of cryptocurrency; and whether they intend to introduce regulations to ensure oversight of the crypto market.
Answered on
2 December 2024
Price volatility is a defining characteristic of cryptoasset markets and speaks to the importance of having appropriate regulatory protections in place. That is why the government intends to proceed with creating a new financial services regulatory regime for cryptoassets.
This will include the creation of new regulated activities for cryptoassets, such as operating a cryptoasset trading platform, and stablecoin issuance. The new framework will also include admissions and disclosures, and market abuse regimes.