Nicholas Soames: To ask the Chancellor of the Exchequer what plans he has to support the development of virtual currency exchanges in the UK; and if he will make a statement. [193416]

Sajid Javid, Financial Secretary to the Treasury: The Government is working with the broader financial technology industry to identify the barriers to entry and growth that financial technology businesses in the UK experience and to identify potential ways for lowering them. Virtual currency exchanges have been involved in this work.

Nicholas Soames: To ask the Chancellor of the Exchequer what assessment he has made of the risk of virtual currencies facilitating money laundering and other financial offences. [193417]

Sajid Javid, Financial Secretary to the Treasury: We are engaging with law enforcement and others across Whitehall to assess the exact nature of financial crime risks posed by virtual currencies. We are also working with international bodies on the issue, such as the Financial Action Task Force.

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