ChainCatcher report, according to Bitcoin.com, Members of Parliament Gurinder Singh Josan and Lord Vaizey, co-chairs of the All-Party Parliamentary Group (APPG) on Crypto and Digital Assets in the UK, have written to the CEOs of major UK banks, requesting clarification on whether they provide account services to crypto businesses, what restrictions they impose on digital asset transactions, and whether these policies will be adjusted in light of the UK’s new regulatory framework. The MPs noted that access to banking services may be the single greatest barrier to the growth of crypto and digital asset businesses in the UK; if licensed crypto firms are still unable to obtain basic banking services, the competitiveness goals of the new regulatory regime will be difficult to achieve. Previously, Lucy Rigby, Economic Secretary to the Treasury, stated that FCA-authorized crypto firms should not be denied banking services solely based on the nature of their industry. The deadline for submitting written evidence for this inquiry is August 31, after which the APPG will make policy recommendations to the government.
UK MPs Press Major Banks on Crypto Business Account Policies
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Summary
UK MPs have written to the CEOs of major banks, seeking clarity on crypto business account policies, including transaction restrictions and potential future changes under the new regulatory framework. The inquiry underscores concerns about restricted bank access for crypto firms, which impedes liquidity and the functioning of crypto markets. The MPs emphasize that without adequate banking services, the UK’s strategy for risk-on assets and its regulatory objectives will be undermined. Evidence is due by August 31, with findings intended to inform policy recommendations.
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