Crypto and Digital Assets APPG launches Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector
The Crypto and Digital Assets All-Party Parliamentary Group (APPG) has today launched a Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector.
The Inquiry will examine whether crypto and digital asset businesses and consumers are able to access appropriate banking services. It will focus on two primary issues: access to bank accounts and banking services (including associated professional services such as insurance etc) for crypto and digital asset businesses, and restrictions placed by banks on crypto-related transactions.
The APPG is Parliament’s leading cross-party group on crypto and digital assets, bringing together MPs and Members of the House of Lords to examine the UK’s regulatory framework and engage with Government, regulators and industry on the future of digital assets. The APPG is supported by CryptoUK as its Secretariat.
Why the APPG is launching this Inquiry
For many years, crypto and digital asset businesses have raised concerns about access to banking services. As the UK prepares to implement its new crypto regulatory regime, the APPG believes it is the right time to examine whether legitimate firms continue to face unnecessary barriers to the banking services they need to operate and grow.
The Inquiry will focus on two closely related issues.
Access to bank accounts and banking services for crypto and digital asset businesses (including associated professional services such as insurance etc). The APPG has heard concerns from firms that they have struggled to open or retain business bank accounts or access payment, merchant and other banking services needed to operate. Without these essential services, firms may struggle to receive customer funds, pay staff and suppliers, or invest and grow in the UK.
Restrictions placed by banks on crypto-related transactions. The APPG has heard concerns that some UK banks have introduced measures such as blocking payments to certain crypto firms, or imposing transfer limits. The APPG wants to understand how they are being applied, whether they are proportionate and what impact they have on consumers, businesses, innovation and competition.
Together, these issues could affect investment, competition and the UK’s ambition to become a global leader in crypto and digital assets. Through this Inquiry, the APPG is seeking to better understand the scale of these issues and whether changes should be considered by Government, regulators, banks or industry.
The issue of access to banking services for crypto and digital asset businesses is not a challenge unique to the UK. Over recent years, a number of Governments, regulators and policymakers in jurisdictions around the world have also recognised the issue and have taken steps to assess its scale, understand its causes and explore potential solutions. As part of its inquiry, the APPG will also consider the approaches taken in other jurisdictions to identify lessons learned and examples of good practice that could help inform future policy in the UK.
Building on the APPG’s previous work
This Inquiry builds on the APPG’s wider 2022–23 Inquiry into Realising the Government’s Vision for the UK to Become a Global Hub for Cryptocurrency and Fintech Innovation. The previous Inquiry received evidence from industry, Government, regulators and academia on crypto regulation, and found that access to banking services was one of the most significant barriers facing the UK’s crypto and digital assets sector. Evidence suggested that many legitimate firms struggled to obtain or retain business bank accounts, while restrictions on crypto-related transactions created additional challenges for businesses and consumers.
The APPG’s final report called for clearer pathways for legitimate firms to access banking services and for greater dialogue between Government, regulators, banks and the digital assets sector. Three years on, with the UK’s crypto regulatory regime taking shape, the APPG believes it is timely to revisit these issues, assess what progress has been made and consider whether further action is required.
Scope of the Inquiry
The Inquiry will examine:
- Access to bank accounts and banking services for crypto and digital asset businesses (including associated professional services such as insurance etc).
- Restrictions placed by banks on crypto-related transactions.
- The impact of these issues on innovation, investment, competition and economic growth.
- Examples of good practice from the UK and internationally.
- Potential solutions that improve access while maintaining appropriate safeguards against fraud, scams and financial crime.
Call for evidence
The APPG invites written evidence from banks, payment service providers, crypto and digital asset businesses, fintech firms, trade associations, regulators, academics, legal experts, consumer groups and other interested stakeholders.
The APPG welcomes evidence from all perspectives and particularly encourages respondents to provide practical examples and supporting evidence wherever possible.
The APPG invites written evidence on the following questions:
- How significant are issues relating to access to banking services for the UK crypto and digital assets sector? This includes:
- access to bank accounts and banking services for crypto and digital asset businesses (including associated professional services such as insurance etc); and
- restrictions placed by banks on crypto-related transactions.
- What impact, if any, do these issues have on businesses, consumers, innovation, investment, competition and the UK’s competitiveness as a destination for crypto and digital assets? Please provide evidence where possible.
- What are the main factors contributing to these issues? This may include legal, regulatory, commercial, operational or other relevant considerations.
- Are there examples from the UK or other jurisdictions where these issues have been addressed successfully? If so, what lessons should the APPG consider?
- What potential solutions or changes should the APPG consider as part of this Inquiry? Please explain how these proposals would address the issues identified and include supporting evidence where relevant.
- Is there any other evidence or information that would assist the APPG as part of this Inquiry?
How to respond
The Inquiry will be open for written submissions for six weeks, from 21 July to 31 August 2026.
Submissions should:
- Be no longer than six pages.
- Address any or all of the Inquiry questions.
- Be submitted by 31 August 2026.
Written submissions should be sent to:
Following the close of the call for evidence, the APPG will review all submissions before publishing a report setting out its findings and recommendations.
The APPG welcomes submissions from all interested stakeholders and looks forward to receiving evidence from across the banking, payments, fintech and crypto sectors to help inform a balanced, evidence-based assessment of banking access in the UK.
