UK Treasury spokesperson: Hopes banks will stop blocking crypto companies

News Brief

British officials have confirmed that banks will be required to provide fair treatment to crypto service providers—a move they believe is crucial for establishing the UK as a leading digital asset hub. According to a Treasury spokesperson, crypto regulatory legislation has already been presented to Parliament, and the finalized rules are anticipated to arrive later this year, offering crypto businesses the stability they need to expand. The government maintains that all businesses deserve equitable treatment and argues that crypto firms holding Financial Conduct Authority authorization shouldn't face discrimination simply due to their sector. Therefore, licensed crypto operations should not encounter account closures or transaction limitations imposed by traditional banks. This announcement comes after multiple reports revealed that several UK banks continue preventing customers from accessing legally registered crypto platforms.

PANews reported on January 29th, citing CoinDesk, that British officials stated they expect banks to treat all businesses, including crypto service providers, fairly as part of the government's ambitious plan to establish the country as an international digital asset hub. A spokesperson for the UK Treasury stated that the government has submitted crypto asset regulatory legislation to Parliament, with final rules expected to be confirmed this year, "providing crypto businesses with the certainty they need to invest and grow in the UK."

A spokesperson for the UK Treasury stated, "We expect businesses to be treated fairly. Crypto businesses authorized by the Financial Conduct Authority (FCA) should not be discriminated against simply because they belong to this industry. We do not want these licensed businesses to be subject to account or transaction restrictions by banking service providers." This comes after industry reports indicated that several UK banks continue to block customers from accessing legally registered crypto services.