The UK’s ambition to be a global crypto hub is a crucial element in maintaining our international competitiveness and our status as a leading financial centre. As economic secretary to the Treasury, I introduced a number of initiatives designed to ensure digital asset pioneers could invest, innovate and scale up in this country. I knew this was just one decision, but further steps would need to be taken. Following the last general election, I was encouraged to hear that this Labour government supported that ambition.

During my years in the Treasury, I saw firsthand the transformative power of technology in shaping our economy, and I also witnessed the state building barriers to emerging innovations. As we progress through 2025, the UK faces a pivotal moment in deciding whether it will lead or lag in the burgeoning field of cryptocurrencies and blockchain technology.  

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of reviewing the ban on retail derivatives for crypto.

To ask the Minister for the Cabinet Office, which Department is responsible for (a) leading on and (b) delivering blockchain technology.

"To some extent, many of these areas being looked at now—crypto-assets, stablecoins and so on—are evolving globally and there is is a spectrum of approaches, so we need to examine the appropriateness of the application. "

The UK’s vision for being a global hub for cryptoasset technology was set out in a speech by the Economic Secretary to the Treasury, John Glen at the Innovate Finance Global Summit today. John Glen also confirmed that the government will consult on wider regulation of the cryptoasset sector later this year.