UK Lawmakers Press Banks Over Crypto Debanking Before New Rules
- UK lawmakers have asked major banks to explain how they treat crypto businesses and transactions.
- The inquiry is testing whether banking restrictions will survive the UK’s new crypto regime.
- Firms warn that losing basic banking access can undermine the value of becoming FCA-authorised.
- The APPG will accept evidence until August 31 before preparing recommendations.
The Crypto and Digital Assets All-Party Parliamentary Group has written to bank leaders seeking details about their policies toward crypto firms and payments, warning that excessive restrictions risk pushing legitimate businesses, investment and financial innovation away from Britain.
Banks are being asked whether their crypto policies will change
The latest intervention forms part of a parliamentary inquiry launched in July into access to banking services for Britain’s crypto and digital asset industry.
According to the Financial Times, the APPG’s co-chairs, Lord Ed Vaizey and Labour MP Gurinder Singh Josan, have asked major banks to explain how they assess crypto businesses and transactions and whether those policies are likely to change once the country’s incoming regulatory system takes effect.
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