CryptoUK calls on government to intervene over bank restrictions
In recent months, NatWest, HSBC, Nationwide Building Society and Santander have all placed restrictions on customers buying cryptocurrency, citing regulatory concerns and the risk of scams. In a letter to Economic Secretary to the Treasury Andrew Griffith, CryptoUK says that blanket bans and restrictions "will have the effect of fundamentally undermining the Government’s ambition to become a crypto asset hub and its mission to maximise the potential of Web3 to spur UK growth and innovation".
The trade association says that government action is warranted because banks are putting in place these blanket restrictions instead of take a risk-based and case-by-case approach. The letter suggests government bringing bank and crypto CEOs together to find a "viable solution", with one option being the creation of a white list of platforms that "have engaged with the UK’s regulatory perimeter (either through AML registration or other EMI/MiFid licenses), to which transactions should be allowed to take place freely".
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