UK Finance Minister to Meet with Crypto APPG on Banking Access Issues

Kelvin Munene Murithi
December 20, 2023
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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.

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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.

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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

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.