Bank Services: Cryptoassets
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that UK banks do not apply blanket restrictions to cryptoasset businesses.
Answered by Emma Reynolds
The Government is aware that cryptoasset firms are facing challenges associated with access to banking services, and it is engaged with the sector on these matters.
Whilst the Government recognises that such decisions are commercial in nature, we also expect business to be treated fairly. That is why the Government has already taken action in this space, including laying legislation to enhance relevant protections in cases where a business has their bank account terminated by their provider.
The Government is also currently finalising legislation to create a financial services regulatory regime for cryptoassets in the UK. Under this regime, firms will need to be licensed by the FCA to provide relevant cryptoasset services in or to the UK, and the Government would not expect such licensed firms to be subject to restrictions by banking services providers simply because of the sector they belong to.
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