Asked by: Lord Goddard of Stockport (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what discussions they have had with (1) the crypto and digital asset industry, and (2) the UK banking industry, regarding access to UK bank accounts for crypto and digital asset business.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The government takes the issue of bank account access very seriously, and that is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.
The FCA’s interim report (“UK Payment Accounts: Access and Closures”) set out areas for further consideration by government in relation to business accounts and we are continuing to explore this issue.
HM Treasury acknowledges concerns regarding how banks’ decisions affect access to accounts and consumer payments to cryptoasset firms. However, it would not be appropriate for the government to intervene in commercial decisions taken by banks.
The government is committed to supporting safe innovation within our financial technology sector; HM Treasury regularly engages with a range of stakeholders in the cryptoasset sector and is also progressing work on legislation to implement its proposals for the future financial services regulatory regime for cryptoassets, which will bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time.
Asked by: Lord Goddard of Stockport (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact of decisions by some banks to introduce limits or restrictions on cryptocurrency transactions.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The government takes the issue of bank account access very seriously, and that is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.
The FCA’s interim report (“UK Payment Accounts: Access and Closures”) set out areas for further consideration by government in relation to business accounts and we are continuing to explore this issue.
HM Treasury acknowledges concerns regarding how banks’ decisions affect access to accounts and consumer payments to cryptoasset firms. However, it would not be appropriate for the government to intervene in commercial decisions taken by banks.
The government is committed to supporting safe innovation within our financial technology sector; HM Treasury regularly engages with a range of stakeholders in the cryptoasset sector and is also progressing work on legislation to implement its proposals for the future financial services regulatory regime for cryptoassets, which will bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time.
Asked by: Lord Goddard of Stockport (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what consideration they have given to issuing guidance to UK banks in relation to providing access to bank accounts for crypto and digital asset businesses.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The government takes the issue of bank account access very seriously, and that is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.
The FCA’s interim report (“UK Payment Accounts: Access and Closures”) set out areas for further consideration by government in relation to business accounts and we are continuing to explore this issue.
HM Treasury acknowledges concerns regarding how banks’ decisions affect access to accounts and consumer payments to cryptoasset firms. However, it would not be appropriate for the government to intervene in commercial decisions taken by banks.
The government is committed to supporting safe innovation within our financial technology sector; HM Treasury regularly engages with a range of stakeholders in the cryptoasset sector and is also progressing work on legislation to implement its proposals for the future financial services regulatory regime for cryptoassets, which will bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time.
Asked by: Lord Goddard of Stockport (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they have plans to bring forward regulation to ensure that crypto and digital asset businesses can open a UK bank account.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The government takes the issue of bank account access very seriously, and that is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.
The FCA’s interim report (“UK Payment Accounts: Access and Closures”) set out areas for further consideration by government in relation to business accounts and we are continuing to explore this issue.
HM Treasury acknowledges concerns regarding how banks’ decisions affect access to accounts and consumer payments to cryptoasset firms. However, it would not be appropriate for the government to intervene in commercial decisions taken by banks.
The government is committed to supporting safe innovation within our financial technology sector; HM Treasury regularly engages with a range of stakeholders in the cryptoasset sector and is also progressing work on legislation to implement its proposals for the future financial services regulatory regime for cryptoassets, which will bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time.
Asked by: Lord Goddard of Stockport (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of reports that many UK crypto and digital asset businesses are unable to open a UK bank account.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The government takes the issue of bank account access very seriously, and that is why the Chancellor asked the Financial Conduct Authority (FCA) to help us collect evidence to understand where account closures or refusals are happening and why.
The FCA’s interim report (“UK Payment Accounts: Access and Closures”) set out areas for further consideration by government in relation to business accounts and we are continuing to explore this issue.
HM Treasury acknowledges concerns regarding how banks’ decisions affect access to accounts and consumer payments to cryptoasset firms. However, it would not be appropriate for the government to intervene in commercial decisions taken by banks.
The government is committed to supporting safe innovation within our financial technology sector; HM Treasury regularly engages with a range of stakeholders in the cryptoasset sector and is also progressing work on legislation to implement its proposals for the future financial services regulatory regime for cryptoassets, which will bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time.