NewsletterUK Finance Minister to Meet with Crypto APPG on Banking Access Issues
UK Finance Minister Jeremy Hunt has committed to addressing the banking challenges of crypto companies. This move aligns with Prime Minister Rishi Sunak’s vision of establishing the UK as a premier crypto hub. Despite the recognition and regulation of crypto activities, including stablecoins, crypto firms struggle to access banking services.
Efforts to Bridge Crypto and Traditional Banking
Responding to inquiries from Lisa Cameron, head of the All-Party Parliamentary Group on crypto and digital assets, Hunt confirmed his intention to delve into the reasons behind these banking obstacles. The conversation will involve the Economic Secretary of the Treasury, Bim Afolami, who recently replaced Andrew Griffith. This interaction signifies a proactive step towards reconciling the crypto sector’s needs with the traditional banking system’s hesitancy.
UK Banks’ Cautious Approach to Crypto
The caution among UK banks towards crypto businesses has been evident for some time. Institutions like NatWest and Santander have openly limited their dealings with crypto companies, citing concerns about volatility and fraud. These restrictions have ranged from capping transactions to outright refusal to offer banking services to crypto-related businesses. This cautious stance reflects a broader trend among financial institutions, prioritizing consumer protection in the face of cryptocurrency’s perceived risks.
The UK government’s engagement with the crypto industry’s banking challenges marks a crucial step in the country’s journey to becoming a global leader in digital finance.
By addressing these issues, the Finance Ministry aims to foster a more inclusive and regulated environment, paving the way for sustainable growth in the crypto sector. This initiative demonstrates a commitment to embracing innovation and ensuring stability and security in the rapidly evolving world of digital assets.
Read Also: Senator Elizabeth Warren Questions Crypto Lobby on Terror Financing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Traders Increase Bets on Kevin Warsh After Trump Names Top Two Fed Chair Candidates
- This Top CNBC Trader Says He’ll “Never” Invest in XRP Despite Wall Street Adoption
- ‘Dead Like Kodak’: Software Engineer Slams SWIFT’s 5-Year Delay on Blockchain Plans
- Ripple Attracts $300M Institutional Bet as VivoPower Launches Korean Investment Vehicle
- Crypto Eyes Entry into Traditional Sports as Tether Bids $1B for Juventus FC
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
- Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect
- Top 3 Price Predictions for Bitcoin, Ethereum, and XRP in DEC 2025
- Will Chainlink Price Break Toward $20 After 84K LINK Reserve Increase?
- XRP Price Target $3 as Spot ETFs Continue to See Inflows
