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Select Committee · Treasury Committee

The crypto-asset industry

Status: Closed Opened: 12 Jul 2022 Closed: 11 Mar 2024 12 recommendations 6 conclusions 2 reports

In this inquiry, the Treasury Committee will examine the potential risks and opportunities associated with the use of crypto-assets, their impact on social inclusivity and the possible need for regulatory change in the future. Read the call for evidence to find out more about the inquiry

Clear

Reports

2 reports
Title HC No. Published Items Response
First Report - The digital pound: still a solution in searc… HC 215 2 Dec 2023 13 Responded
Fifteenth Report - Regulating Crypto HC 615 17 May 2023 5 Responded

Recommendations & Conclusions

3 items
6 Recommendation Fifteenth Report - Regulating Crypto Rejected

Regulate retail trading of unbacked cryptoassets as gambling, not a financial service.

We strongly recommend that the Government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’. (Paragraph 52) Regulating Crypto 19

Government response. The government explicitly rejects the recommendation to regulate unbacked cryptoassets as gambling, stating it would be a fundamental departure from its intended approach which aligns with international standards for financial services.
HM Treasury
2 Conclusion First Report - The digital pound: still… Rejected

Digital pound risks UK financial stability; lower initial individual holding limits needed.

It is vital that a digital pound does not increase risks to UK financial stability and, were a digital pound to be launched, it could take some time to fully understand the impact on financial stability and the wider economy in both normal and stressed times. To reduce the risk …

Government response. The government rejects the suggestion for a lower initial holding limit, stating it is minded to proceed with a £10,000-£20,000 limit for the digital pound, while remaining open to revisiting this if new information arises.
HM Treasury
3 Recommendation First Report - The digital pound: still… Rejected

Undertake further analysis on monetary policy impact of paying interest on digital pound.

We recommend that the Bank of England and Treasury undertake further analysis on the monetary policy impact of paying interest on the digital pound, and in the meantime ensure that their design work does not preclude the possibility of paying interest on the digital pound.

Government response. The government rejects paying interest on the digital pound at launch, stating it is intended as a payment means and would be unremunerated like cash, though any future decision to revisit this would involve a full consultation.
HM Treasury

Correspondence

6 letters
DateDirectionTitle
25 Jan 2024 — Correspondence from HM Treasury and the Bank of England, in response to the Com…
1 Jun 2023 — Correspondence from the Chancellor of the Exchequer regarding Commitment on Cen…
25 Apr 2023 — Correspondence from the Bank of England, relating to the session on ‘The crypto…
25 Apr 2023 — Correspondence from the Chair to the Bank of England, relating to the session o…
26 Jan 2023 — Correspondence from the FCA relating to the session on ‘The crypto-asset indust…
16 Nov 2022 — Correspondence from Binance, relating to the session on ‘The crypto-asset indus…