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.
This written question is supportive of crypto as it focuses on the development of a clear regulatory framework for stablecoin issuers, which helps build trust and stability in the digital asset market.
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.
This written question is supportive of crypto, as it seeks to ensure the regulator is prepared to effectively implement and enforce new rules, which is important for the sector’s secure and sustainable growth.
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.
This written question is supportive of crypto, showing an interest in understanding how new regulations will affect both UK and international firms, which helps create a balanced and informed regulatory approach.
To ask the Chancellor of the Exchequer, what discussions she has had with the Bank of England on creating a regulatory framework for stablecoins.
This written question is supportive of crypto, as it shows interest in developing a clear regulatory framework for stablecoins, which can help integrate these digital assets safely into the financial system.
To ask the Chancellor of the Exchequer, whether her Department has had discussions with the Financial Conduct Authority on regulation of digital assets.
This written question is supportive of crypto, as it highlights the importance of regulatory engagement to create clear and effective rules for digital assets, helping the sector grow responsibly.