UK Lawmakers Press Banks on Crypto Access Ahead of New Rules

UK lawmakers are intensifying their scrutiny of banks' treatment of crypto companies as the country prepares to bring more digital asset businesses under formal regulation.

Gurinder Singh Josan MP and Lord Vaizey of Didcot, co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group (APPG), have written to the chief executives of major UK banks and banking service providers, asking them to explain their policies on providing accounts to crypto firms.

The letter, dated August 11, also seeks information on any restrictions imposed on digital asset transactions and whether these policies will change once the new regulatory regime takes effect.

Lawmakers expressed concerns that access to banking services could be a significant barrier to growth for UK crypto businesses, potentially undermining the success of the country's forthcoming crypto regime.