UK MPs Press Major Banks to Clarify Crypto Account Restrictions

Lawmakers demand clarity on banking policies for crypto firms, citing access as a key obstacle to UK regulatory competitiveness.

Woofun AI reports that UK Parliamentarian Gurinder Singh Josan and Lord Vaizey have written to major British bank CEOs, requesting clarification on account services and transaction restrictions for crypto companies. The lawmakers identify banking access as a primary barrier to the sector's development, warning that licensed firms unable to secure basic services will undermine the new regulatory framework's competitiveness goals. Treasury Economic Secretary Lucy Rigby previously stated that FCA-approved firms should not face restrictions based solely on industry classification. Written evidence is due by August 31, after which policy recommendations will be submitted to the government.