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@ The British Blockchain Association
2025-05-22 09:31:35
📍At the previous APPG on Blockchain Technologies Roundtables in January and May 2024, one of the key issues raised by industry stakeholders was the difficulty crypto and digital asset firms face in accessing banking services.
➡️ '..Challenges faced by start-ups, such as access to basic banking services, and proposes solutions, including mandating banks to facilitate transactions related to digital assets....' (J Burke, APPG Roundtable, May 2024)
➡️ '..Vadgama advocates for streamlined access to basic banking services for blockchain start-ups, highlighting the ongoing struggle to obtain essential financial infrastructure...' (APPG Roundtable, May 2024):
🇬🇧 Meeting minutes:
https://britishblockchainassociation.org/wp-content/uploads/2024/05/Blockchain-Technologies-APPG-Minutes-from-APPG-Roundtable-May-2024.pdf
🏛️ In a recent Parliamentary question, Gregory Stafford MP raised this issue with the Chancellor of the Exchequer.
🏛️ EST Emma Reynolds MP responded that the Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries, as well as the regulator, to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
This is a live policy area, and BBA will continue constructive, evidence-based dialogue with the stakeholders at our upcoming Roundtable on 3 June.
#BlockchainPolicy #CryptoBanking #Web3UK #APPGBlockchain #DigitalAssets #Regulation #FinancialInclusion #FCA #HMtreasury #BritishBlockchainAssociation
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