In brief
A cross-party group of UK MPs and peers has launched a parliamentary inquiry into the banking difficulties faced by crypto and digital asset businesses.
The Crypto and Digital Assets APPG will examine why firms struggle to open accounts and why banks restrict crypto-related payments, and whether that undermines the UK's ambition to be a "global leader" in digital assets.
It follows research that found UK banks blocked or delayed an estimated 40% of transfers to crypto exchanges.
A cross-party group of UK lawmakers has launched a parliamentary inquiry into the banking problems dogging the country's crypto industry, probing why firms struggle to open accounts and why banks curb crypto-related payments.The Crypto and Digital Assets All-Party Parliamentary Group (APPG)—co-chaired by Lord Vaizey of Didcot, a former digital economy minister, and Labour MP Gurinder Singh Josan—said the inquiry comes just weeks after the UK finalized its new crypto regulatory framework, and will test whether banking barriers could undermine the Government's goal of making the country a "global leader in digital assets."
