UK politicians want to know the extent to which the country’s banks have stifled cryptocurrency companies by denying them bank accounts and introducing restrictions on cryptocurrency-related payments, in a cross-party investigation launched on Tuesday.
The UK All-Party Parliamentary Group on Crypto and Digital Assets (APPG) is chaired by Lord Vaizey of Didcot, former UK Government Minister for the Digital Economy, and Labor MP Gurinder Singh Josan CBE, according to a press release.
Since the emergence of cryptocurrencies, difficulties in establishing banking relationships have made life difficult for players in the space, with systematic debanking of companies and individuals, particularly in the US, referred to as “Operation Chokepoint 2.0.”
Several major UK banks have also introduced restrictions on cryptocurrency-related payments, the APPG said in a statement. As such, the investigation will focus on the shortage of bank accounts for crypto businesses, including associated professional services such as insurance.
