Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Government has made of the prevalence of the refusal of banks to open accounts for FCA-licensed crypto firms.

The Government is committed to creating a regulatory environment in which firms can innovate, while crucially maintaining financial stability and clear regulatory standards so that people can use new technologies both reliably and safely. The Government believes that effective regulation will create the conditions for cryptoasset service providers to thrive in the UK, and give people and businesses the confidence to invest with an understanding of the often high risks involved.

The decisions about what products are offered and to whom remain commercial decisions for banks and building societies. Therefore, while the Government recognises and values the important role of this sector, it would be inappropriate for the Government to intervene in these decisions.  However, my officials will continue to engage with industry to understand any emerging issues.