Financial Services: Non-fungible Tokens

Summary

To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential merits of using non-fungible tokens to replace paper identification required to (a) open a bank account and (b) access (i) loans, (ii) mortg

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Timeline

1. 15 January 2024

   Written question

   To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential merits of using non-fungible tokens to replace paper identification required to (a) open a bank account and (b) access (i) loans, (ii) mortg

   Source: Commons

2. 23 January 2024

   Answer

   The Government recognises the widespread benefits of digital identity use. HM Treasury’s Money Laundering Regulations (MLRs) 2017 require banks and other regulated financial firms to verify a customer’s identity to open, access or maintain a bank account ...

   Source: Written answer

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• · Treasury · Answering body

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