Digital Assets: Bank Services
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to help ensure that banks do not apply blanket restrictions on providing banking services to legitimate blockchain and cryptoasset businesses.
Answered by Lucy Rigby
The Government is aware that cryptoasset firms are facing challenges associated with access to banking services, and we are engaged with the sector on these matters.
Whilst the Government recognises that decisions around the provision of banking services are largely commercial in nature, we also expect businesses to be treated fairly. That is why the Government has already taken action in this space, including bringing forward legislation to enhance relevant protections in cases where a business has their bank account terminated by their provider.
The Government has also laid 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, 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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