UK lawmakers are pressing major banks to explain whether the country's upcoming crypto regulatory regime will change how they treat authorized digital asset firms, as part of a broader inquiry into banking access for the sector.
Gurinder Singh Josan CBE MP and Lord Vaizey of Didcot, co-chairs of the Crypto and Digital Assets All-Party Parliamentary Group, wrote to the chief executives of major UK banks and banking service providers on Tuesday.
The letter asks lenders to explain their policy approach toward crypto businesses, whether they currently provide them with bank accounts or other banking services, and what regulatory, legal, compliance, commercial, and risk considerations influence those decisions.
It also asks banks to disclose any restrictions or limits they place on crypto-related transactions for retail or business customers.
"We have heard of repeated instances where crypto and digital asset firms have struggled to open accounts with UK banks," Josan and Vaizey wrote.
