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UK licensed crypto companies struggle to open accounts, UK Chancellor promises investigation

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UK licensed crypto companies struggle to open accounts, UK Chancellor promises investigation

The UK Chancellor of the Exchequer, in a meeting with the All-Party Parliamentary Group on Cryptocurrency and Blockchain, expressed intent to investigate the difficulties faced by crypto businesses in opening bank accounts, emphasizing the government's keen interest in the development of digital startups.

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UK Licensed Crypto Companies Still Struggle to Open Bank Accounts

Chair of the UK All-Party Parliamentary Group (APPG) Lisa Cameron addressed UK Chancellor of the Exchequer Jeremy Hunt on the 19th:

Many licensed companies still find it difficult to open bank accounts in the UK. Can the Chancellor further discuss what progress the UK can make in the digital arena?

UK Chancellor of the Exchequer Promises Investigation

Jeremy Hunt stated that he will meet with Economic Secretary Bim Afolami to discuss the matter.

He also emphasized that London has become a global crypto hub, and to ensure the responsible growth of the crypto market, the government has introduced regulations on stablecoins and crypto advertising.

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In April 2022, the newly appointed UK Prime Minister Rishi Sunak proposed plans to make the UK a "global crypto hub," indicating progress in the digital startup sector, such as the "digital securities sandbox" provisions set to take effect next year.

However, the road seems challenging for crypto exchanges in the UK, as Bybit announced its exit from the UK in September this year due to regulatory reasons.

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