Government approach to crypto

The House of Commons library has released a research briefing setting out the Government’s regulatory approach to crypto-assets and currencies in advance of a Westminster Hall debate on 7 September.

The report notes the various actions already taken (like the MLR registration requirement) and proposed (the FSM Bill regulation proposals for stablecoins and development of digital sandboxes). It looks at what crypto-assets are and how FCA’s consumer protection focus has responded to the risks. An all party inquiry is now looking at the need for further regulation against the backdrop of the Government’s previous indication that it would consult further on its stance towards the end of the year.