The crypto-asset industry

Treasury Committee Closed Inquiry
Opened: 12 Jul 2022 Closed: 11 Mar 2024 Parliament page
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
12 Recommendations
6 Conclusions
2 Reports
6 Letters
4 Events
Activity timeline 14 events
31 Jan
2024
Report published
25 Jan
2024
Correspondence
2 Dec
2023
Report published
20 Jul
2023
Report published
1 Jun
2023
Correspondence
17 May
2023
Report published
25 Apr
2023
Correspondence
25 Apr
2023
Correspondence
28 Feb
2023
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
26 Jan
2023
Correspondence
10 Jan
2023
Formal meeting (oral evidence session) · The Wilson Room, Portcullis House
7 Dec
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Recommendations & Conclusions
3 results
Clear
6 Recommendation Rejected
Fifteenth Report - Regulating Cryp…
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 Read more
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
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2 Conclusion Rejected
First Report - The digital pound: …
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 … Read more
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
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3 Recommendation Rejected
First Report - The digital pound: …
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 … Read more
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
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Government Response AI assessment · 18 of 12 classified
Accepted 8
Accepted in Part 3
Acknowledged 3
Deferred 1
Rejected 3
Total 12 recs + 6 conclusions
Correspondence 6 letters
25 Jan 2024 Correspondence from HM Treasury and the Bank of England, in response to the Committee’s First Report of the Session 'The Digital Pound: Still a Solution in Search of a Problem?', dated 25 January 2024
Parliament page
1 Jun 2023 Correspondence from the Chancellor of the Exchequer regarding Commitment on Central Bank Digital Currency, dated 23 May 2023
Parliament page
25 Apr 2023 Correspondence from the Bank of England, relating to the session on ‘The crypto-asset industry’ on 28 February, dated 13 April
Parliament page
25 Apr 2023 Correspondence from the Chair to the Bank of England, relating to the session on ‘The crypto-asset industry’ on 28 February, dated 20 March
Parliament page
26 Jan 2023 Correspondence from the FCA relating to the session on ‘The crypto-asset industry’ on 7 December 2022
Parliament page
16 Nov 2022 Correspondence from Binance, relating to the session on ‘The crypto-asset industry’ on Monday 14 November, dated 15 November
Parliament page