UK lawmakers pressure major banks to explain crypto business account restriction policies

TechFlow News, August 13, according to Bitcoin.com, MP Gurinder Singh Josan and Lord Vaizey, Co-Chairs of the UK All-Party Parliamentary Group on Crypto and Digital Assets (APPG), wrote to CEOs of major UK banks on August 11, requesting them to explain whether they provide account services to crypto businesses, what restrictions are placed on digital asset transactions, and whether the above policies will be adjusted with the implementation of the UK's new regulatory framework.

The MPs pointed out that bank access may be the single biggest obstacle to the development of UK crypto and digital asset businesses, and if licensed crypto businesses still cannot obtain basic banking services, the competitiveness goals of the new regulatory system will be difficult to achieve. Economic Secretary to the Treasury Lucy Rigby previously also stated that banking service restrictions should not be imposed on FCA-authorized crypto businesses solely due to the nature of the industry. The deadline for submitting written evidence for this inquiry is August 31, and the APPG will make policy recommendations to the government based on this.