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UK parliamentary group launches inquiry into banking barriers for crypto

The group will take written submissions until Aug. 31 and plans to publish findings, with an earlier survey cited that found banks blocked or delayed 40% of transactions to crypto platforms.

Reported · Written up by our desk · Regulation

A UK parliamentary group has launched an inquiry into whether crypto businesses and consumers face banking barriers, including limits on account access and restrictions on crypto-related transactions, and how those issues affect investment, competition, and economic growth, according to Cointelegraph.

The Crypto and Digital Assets All-Party Parliamentary Group said it will examine whether the restrictions are proportionate, with written submissions from banks, payment providers, crypto firms and other stakeholders open until Aug. 31 before the group publishes its findings and recommendations.

The inquiry cites a January survey by the UK Cryptoasset Business Council in which 10 crypto exchanges reported banks blocking or delaying 40% of transactions to crypto platforms, and 70% of respondents said the restrictions reduced their willingness to invest, expand, or hire in the UK.

The probe arrives as the Financial Conduct Authority begins accepting authorization applications from crypto firms on Sept. 30, and follows the publication of the UK’s new crypto regulatory framework set to take effect in October 2027, The Block reported.

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