Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to bring forward regulations to ensure that crypto and digital asset businesses can open a UK bank account.

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 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.

With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.