UK Finance Ministry to Discuss Crypto Banking Woes With Lawmakers

U.K.’s Finance Minister Jeremy Hunt on Tuesday agreed to have his ministry discuss banking troubles faced by crypto companies in the country with lawmakers focused on the issue.

In line with Prime Minister Rishi Sunak’s plans to turn the country into a hub for crypto, the U.K. introduced and passed legislation that recognizes crypto and stablecoins as regulated financial activities. Despite crypto’s new regulatory status in the country, firms have found it difficult to interact with local banks.

Lisa Cameron, head of an All-Party Parliamentary Group (APPG) for crypto and digital assets, asked Hunt on Tuesday if he’d be willing to discuss why regulated companies are struggling to open bank accounts.

“The U.K., London in particular, has become the global crypto hub, but to make sure that the market really can take off in the way that was intended in a responsible way, we need to regulate it, which is why we’ve introduced regulations for stablecoins, for promotion of crypto services,” Hunt replied.

He agreed to have the new Economic Secretary of the Treasury, Bim Afolami, meet with the APPG to discuss progress.

Camomile Shumba contributed reporting.