Banks Pressed on Crypto Access Ahead of UK's Incoming Framework
UK lawmakers are stepping up scrutiny of banks' treatment of crypto companies as the United Kingdom prepares to bring more of the digital asset industry under formal regulation.
The Crypto and Digital Assets All-Party Parliamentary Group (APPG) wrote to major UK banks on August 11, asking lenders to explain whether they provide accounts to crypto firms, what restrictions they impose on digital asset transactions, and whether those policies will change once the new regulatory regime takes effect.
Lawmakers acknowledged that banks must meet anti-money laundering, consumer protection, and other regulatory obligations. However, they questioned whether firms should continue to face broad restrictions once they become authorized under the new framework.
The APPG's inquiry into crypto banking access, launched on July 21, will examine the scale of the problem, its effect on investment and growth, and whether further government or regulatory action is required. Written evidence is being accepted through August 31.