The Treasury Committee has launched an inquiry into cryptoassets in the UK, as it seeks to explore the opportunities and risks they bring to consumers and businesses. The inquiry, launched on 13 July 2022, will consider how regulation could be balanced to provide protection for consumers without stifling innovation.

The Committee requests views on a range of issues, including:

  • whether cryptoassets, such as Stablecoin, are likely to replace traditional currencies;
  • the opportunities and risks that the introduction of a Bank of England Digital Currency would bring;
  • the impact of cryptoassets on social inclusion;
  • whether the Government and regulators are suitably equipped to grasp the opportunities presented by cryptoassets, whilst at the same time mitigating against the risks.
  • how distributed ledger technology (DLT) can be applied in the financial services sector;
  • whether recent rules on advertising and money laundering are effective in protecting consumers; and
  • whether regulation could benefit cryptoasset start-ups by improving consumer trust and resilience.

The Committee is also keen to hear from experts on how Governments and regulators in other countries are approaching cryptoassets, and what lessons the UK can learn from overseas.

The Committee is calling for written evidence from any interested parties by 12 September 2022.