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FollowingBritish parliamentary group investigates whether banks systematically restrict crypto companies 'access to financial services
A British parliamentary group focusing on digital assets officially launched an investigation on July 21 to find out whether banks systematically prevent or restrict crypto companies' access to basic financial services. The investigation coincided with a major political change-Labour leader Kiel Starmer (mistakenly written as Andy Burnham, but actually Keir Starmer, reserved as the original) was sworn in as Prime Minister, adding a political dimension to what the group called an "urgent industry issue."
The All-Party Parliamentary Group on Cryptocurrencies and Digital Assets (APPG) said it continues to receive reports from crypto and digital asset companies that they are facing difficulties opening and maintaining bank accounts. Restrictions imposed by some British banks on cryptocurrency-related transactions have also been listed as a concern.
"Access to banking services is critical to any legitimate business, and unnecessary obstacles can hinder growth, investment and innovation," the group said in a statement.
Barriers to banking
APPG is co-chaired by Lord Wedge of Didcot and Labour MP Gurindell Singh Josang CBE. The team is soliciting written opinions from companies in the banking, payments, fintech and crypto industries, with an evidence submission window from July 21 to August 31. A report containing the results of the investigation and recommendations for the government will then be released.
The team said it would study how other major markets, including the United States, Australia, Hong Kong and the European Union, could handle the same issues. The investigation also focuses on the UK's new crypto regulatory framework, which is scheduled to take effect on October 25, 2027. APPG believes banking obstacles could undermine the government's ambition to build the UK into a global digital asset leader before the framework takes effect.
The team said: "With the release of the UK's new crypto regulatory framework, now is the right time to examine whether there are any remaining obstacles that could weaken this ambition when the new regime takes effect next year."
The formation of a new government
The appointment of Andy Burnham as Prime Minister brought immediate policy changes. His government announced it would abolish the previous government's digital identity program and redirect resources to cost-of-living measures. Local experts say abandoning digital identity will put the UK behind globally.
Stefan Deiss, co-founder and CEO of Hashgraph Group, said that abandoning the idea of having a single centralized government managing the digital identity of every citizen was the right decision, but the UK should not abandon this concept entirely. "Technology has improved and now there is a better way: to store credentials in secure wallets on citizens 'personal mobile phones, rather than on government servers." "Stammer is committed to building a government that serves ordinary people," Deiss said. Letting citizens truly have their own identity is a reflection of this commitment. Pause old models, but don't lose ambition."
Stammer also appointed John Healey, the UK's top fiscal official, as Chancellor of the Exchequer. Jonathan Herbst, global head of financial services at Norton Roche and Fulbright, said the new chancellor is likely to ensure that financial reform is advanced in a predictable and coordinated manner. "For internationally active companies, the UK's appeal depends not only on the rules themselves, but also on the stability of the regulatory environment." "Areas such as capital markets, fintech, digital assets and sustainable finance will continue to be important yardsticks for testing this commitment," Herbst said.
