I can hear voices challenging that, asking, “So a little bit of crime is okay?” We need to recognise a point similar to those made by Members across the Chamber about crypto. The world is changing. We have very significant and onerous duties for opening a UK bank account and proving our identity, but we live in a world where more organisations are coming to the market and saying, “We can provide you with that document, but without the need to meet any of those standards,” in exactly the same way as people are using crypto to transfer money around without the audit trail that we see with other forms of financial transactions. We need to make sure that our electoral system meets the test and that we can identify those exercising their vote in that way.

He is a member of the APPG on Crypto and Digital Assets.

A key part of that is ensuring that we futureproof the regulation of financial services in the UK. There has been much mention of crypto, but I would like to add the need to ensure that non-regulated activity undertaken by regulated institutions requires scrutiny.