Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to address barriers faced by UK crypto asset firms in accessing banking services to support growth and competitiveness in the digital assets sector.

The Government is aware that cryptoasset firms are facing challenges associated with access to banking services, and is engaged with the sector on these matters.

Whilst the Government recognises that decisions around the provision of banking services are largely commercial in nature, we also expect businesses to be treated fairly. That is why the Government has taken action in this space, including legislating to enhance relevant protections in cases where a business has their bank account terminated by their provider.

The Government has also legislated to create a financial services regulatory regime for cryptoassets in the UK. Under this regime, firms will need to be licensed by the Financial Conduct Authority to provide relevant cryptoasset services, and the Government would not expect such licensed firms to be subject to restrictions by banking services providers simply because of the sector they belong to.