A cross-party group of UK lawmakers has launched an 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, why banks restrict crypto-related payments, and whether these measures could undermine the UK's ambition to be a global leader in digital assets.
According to research published by the UK Cryptoasset Business Council in January, UK banks blocked or delayed an estimated 40% of transfers to crypto exchanges, with 70% of exchanges surveyed saying that restrictions were hurting investment, expansion, or hiring in the UK.