Call for Evidence
The crypto-asset industry
The inquiry will cover:
- The role of crypto-assets in the UK, including the opportunities and risks that crypto-assets may bring to consumers, businesses and the Government (and associated bodies).
- The potential impact of distributed ledger technology on financial institutions, including the central bank, and financial infrastructure
- The regulatory response to crypto-assets from the Government, the FCA and the Bank of England, considering how regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation
Written submissions are invited on the following issues:
- To what extent are crypto-assets when used as digital currencies (such as Stablecoin) likely to replace traditional currencies?
- What opportunities and risks would the introduction of a Bank of England Digital Currency bring?
- What impact could the use of crypto-assets have on social inclusion?
- Are the Government and regulators suitably equipped to grasp the opportunities presented by crypto-assets, whilst at the same time mitigating against the risks?
- What opportunities and risks could the use of crypto-assets—including Non-Fungible Tokens—pose for individuals, the economy, and the workings of both the public and private sectors?
- How can distributed ledger technology be applied in the financial services sector?
- What work has the Government (and its associated bodies) done to understand, prepare for and, where relevant, encourage changes that may be brought about by increased adoption of crypto-assets?
- How might the Government’s processes – for instance the tax system - adapt should crypto-assets be adopted more widely?
- How effective have the regulatory measures introduced by the Government - for instance around advertising and money laundering - been in increasing consumer protection around crypto-assets?
- Is the Government striking the right balance between regulating crypto-assets to provide adequate protection for consumers and businesses and not stifling innovation?
- Could regulation benefit crypto-asset start-ups by improving consumer trust and resilience?
- How are Governments and regulators in other countries approaching crypto-assets, and what lessons can the UK learn from overseas?
- The environmental and resource intensity of using crypto-asset technology.
The Committee would welcome submissions by 5.00pm on Wednesday 21 September.
This call for written evidence has now closed.Go back to The crypto-asset industry Inquiry