Digital Assets: Bank Services
The question
To ask the Chancellor of the Exchequer, what discussions she has had with (a) the crypto and digital asset industry and (b) the UK banking industry on UK bank accounts for crypto and digital asset businesses.
Answered by Emma Reynolds
The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →