Rachel Reeves

Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world leading financial centre in the digital age.

By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market.

And I will drive forward developments in blockchain technology…

…including tokenised securities and stablecoins…

…and an ambitious design for a new digital gilt instrument…

…so that UK financial services can be at the forefront of digital asset innovation.

The chancellor, Rachel Reeves, said after a recent visit to Washington she had discussed crypto regulation with the US Treasury secretary, Scott Bessent, and that the two countries planned to discuss the subject further in June.

As part of her growth strategy, Reeves has called for an easing of regulations in some areas, an approach backed by the FCA chief executive, Nikhil Rathi, who has suggested that rules in the Square Mile could be simplified to spur innovation.

I am determined that our regulatory framework supports economic growth.

That’s why I’m delighted that we are today publishing draft legislation for the UK’s comprehensive regulatory regime for cryptoassets…

…engaging with all of you to ensure that the final legislation – planned for later this year - delivers for government and most importantly for the industry…

…and makes the UK a great place for digital asset companies to invest and innovate.

For the UK to be a world-leader in digital assets…

…international cooperation is vital.

Rachel Reeves has announced plans to regulate cryptoassets such as Bitcoin in a bid to make the UK “a world leader in digital assets”.

The Chancellor told a fintech conference on Tuesday that she would “back the builders” as she announced plans to make crypto firms subject to regulation in the same way as traditional finance companies.

Ms Reeves said: “For the UK to be a world leader in digital assets, international co-operation is vital.”

She added that there would be further discussion at a US/UK regulatory working group in June “to support the use and responsible growth of digital assets”.

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential risks to financial stability of the growth in cryptocurrency and other cryptoasset holdings; and if he will place a copy of that assessment in the Library.

To ask the Chancellor of the Exchequer, what assessment his Department has made of the estimated value of cryptocurrencies and other cryptoassets held in the UK by (a) households, (b) non-financial businesses, (c) financial businesses and (d) other organisations; and if he will place a copy of those estimates in the Library.