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Crypto companies are facing difficulties accessing banking services in the United Kingdom, according to multiple sources interviewed by Bloomberg. The few banks still working with crypto firms are requesting more documentation and information about how they monitor clients\u2019 transactions.<\/p>\n
Challenges include having applications rejected, accounts frozen and overwhelming paperwork. Crypto companies have even complained to the government of Prime Minister Rishi Sunak, as the situation worsened in the past weeks. The move goes in the opposite direction of Sunak\u2019s plans to prioritize financial technology disruption and make the U.K. a global crypto hub. <\/p>\n
\u201cThe U.K. banking reaction has been more acute than the EU one,\u201d Tom Duff-Gordon, vice president of international policy at Coinbase, told Bloomberg. According to Duff-Gordon, the European Union\u2019s efforts to establish a framework for digital assets are making banks more receptive to crypto firms in other countries. The European parliamentary committee passed the Markets in Crypto Assets (MiCA) legislation in October, nearly two years after it was first introduced in September 2020. Its final vote is scheduled for this month.<\/p>\n
\nChancellor @RishiSunak<\/a> has asked @RoyalMintUK<\/a> to create an NFT to be issued by the summer.<\/p>\n
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com\/cd0tiailBK<\/a><\/p>\n