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UK lawmakers press banks on access for crypto and digital asset firms
The Crypto and Digital Assets All-Party Parliamentary Group said limited banking access could hinder growth for licensed firms under the country’s forthcoming crypto regime.
CoinDesk reports that the UK’s Crypto and Digital Assets All-Party Parliamentary Group has questioned major banks over what it describes as a lack of banking services for crypto and digital asset businesses.
In a “Dear CEO” letter to the bosses of the UK’s largest lenders, the group cited repeated cases where crypto firms struggled to open accounts and said some banks have introduced restrictions on crypto-related payments and transactions.
The letter names HSBC, Nationwide, NatWest, Santander UK, and Starling Bank as lenders that have placed restrictions on crypto-related payments.
The APPG also warned that banking access could be a key barrier to growth for UK crypto businesses and could affect whether firms decide to invest in the UK ahead of its forthcoming crypto regime, according to CoinDesk.