UK Finance Minister to Probe Banking Challenges Faced by Crypto Firms
The finance minister of the United Kingdom has pledged to look into the reported difficulties faced by licensed cryptocurrency firms in opening business accounts in the country.
Chancellor of the Exchequer Jeremy Hunt has agreed to meet with Economic Secretary of the Treasury Bim Afolami to discuss this issue, following a question raised by Lisa Cameron, Chair of the Crypto and Digital Assets All-Party Parliamentary Group.
During the parliamentary session, Hunt expressed his commitment to addressing the matter and acknowledged the importance of regulating the crypto market responsibly.
He emphasized that the UK, particularly London, has emerged as a global hub for cryptocurrencies.
In line with the government’s objective to foster the growth of the crypto industry, the country has introduced legislation to regulate stablecoins and promote crypto services.
“To make sure that the crypto market really can take off in the way that was intended in a responsible way we need to regulate it, which is why we have introduced legislation for stablecoins and for the promotion of crypto services.”
Today the Chancellor of the Exchequer @Jeremy_Hunt @hmtreasury agreed to meet with the Crypto and Digital Assets APPG to discuss why #Crypto & #DigitalAssets businesses in the UK are being denied access to basic banking services including bank accounts.#Cryptocurrency pic.twitter.com/SMrM9GzB7o
— Crypto & Digital Assets APPG (@cryptoappg) December 19, 2023
The UK has been actively positioning itself as a prominent player in the crypto space.
In April 2022, Prime Minister Rishi Sunak unveiled plans to transform the nation into a “global crypto hub.”
Since then, the government has taken significant steps to support this vision,
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