UK Parliament launches inquiry into crypto banking barriers

UK Parliament launches an inquiry into banking barriers for crypto firms, focusing on account access and payment restrictions, to assess their impact on the digital asset sector.

A cross-party group in the UK Parliament has launched an inquiry into the banking challenges faced by the country’s crypto and digital asset sector. The Crypto and Digital Assets All-Party Parliamentary Group (APPG) will investigate why crypto businesses struggle to open and maintain bank accounts, as well as the reasons behind banks imposing restrictions on crypto-related transactions. This inquiry follows reports that UK banks have blocked or delayed a significant portion of payments to crypto exchanges, raising concerns about the impact on business operations and the UK’s ambition to become a global leader in digital assets. The APPG is inviting written evidence from stakeholders over a six-week period and will review international approaches before publishing recommendations to the government. This initiative comes shortly after the UK finalized its new crypto regulatory framework. The inquiry aims to determine whether current banking barriers are hindering growth, investment, and innovation in the sector.