Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure that banks apply case-by-case assessments to banking services for (a) crypto asset businesses and (b) their customers; and whether she plans to have discussions with (i) the industry and (ii) regulators on crypto-related banking practices.

The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.

The Government continues to engage with the banking sector and affected industries, as well as the regulator, to better understand the existing and emerging issues in this area.

The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.