The UK Parliament's cross-party group for digital assets has launched an inquiry into banking access for the country's crypto sector.
The Crypto and Digital Assets All-Party Parliamentary Group (APPG) — chaired by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan CBE — announced the probe on Tuesday.
The group aims to examine difficulties crypto businesses face in opening and maintaining bank accounts in the UK, as well as restrictions some UK banks have placed on crypto-related transactions.
"The APPG has heard consistent reports from crypto and digital asset businesses that they face difficulties accessing bank accounts and banking services," the group said in the statement. "Access to banking services is fundamental for any legitimate business, and where unnecessary barriers exist they have the potential to hinder growth, investment and innovation.”
Ongoing crypto reform
