Does Mark Garnier Support Crypto?

The ability of the UK to become a global leader in the digital economy, and to retain its position as a leading international financial centre, depends on the ability of this piece of legislation to set out clearly, decisively and unambiguously how it will distinguish between different types of cryptoassets. Without strong, decisive and nuanced categories, the potential for effective regulation, and therefore optimum growth, will be lost. This is not an opportunity to be squandered, yet the current drafting threatens to do just that.

To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that stablecoin issuers maintain sufficient backing assets to protect consumers and financial stability.

Huge thanks to the UK Cryptoasset Business Council for organising a fantastic roundtable this morning. As part of the Conservative Party policy review, I am leading on the wide ranging topic of investment. This group of leading UK cryptoasset entrenpreneurs shone a light on issues facing both fintech companies, and issues surrounding crypto assets. Tye City of London has been a lead financial innovator for several centuries, leading the world on investment and wider financial services. But for it to continue to be relevant, the UK needs to lead on the next generation of financial services, and that includes important areas such as digital ledger technology - blockchain. The future of finance is digital, and without a regulatory rethink, the City of London will fast lose out to New York and Singapore. Getting the regulator, financial regulation, and political will behind this is absolutely vital. We know the future is digital. But we need to be adapting faster to embrace all that crypto assets offer.

To ask the Chancellor of the Exchequer, whether qualifying stablecoin issuers will be subject to (a) capital and (b) liquidity requirements under the provisions in the draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025.

To ask the Chancellor of the Exchequer, what assessment she has made of the readiness of the Financial Conduct Authority to (a) implement and (b) enforce the proposed regulatory regime for cryptoassets by the proposed commencement date.

To ask the Chancellor of the Exchequer, whether she plans to make an assessment of the potential impact of new regulated activities for cryptoassets on (a) UK-based and (b) overseas firms offering services to UK consumers.

To ask the Chancellor of the Exchequer, what discussions she has had with the Bank of England on creating a regulatory framework for stablecoins.

To ask the Chancellor of the Exchequer, whether her Department has had discussions with the Financial Conduct Authority on regulation of digital assets.