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A group of UK Members of Parliament is investigating whether people and businesses involved with cryptocurrencies can easily access banking services. They are asking for information from the public until August 31st as part of a six-week inquiry.
What the Inquiry Covers
The All-Party Parliamentary Group (APPG) is launching an investigation into challenges faced by crypto and digital asset companies when accessing essential banking services. Many firms have reported difficulties opening bank accounts, keeping them open, or getting payment processing tools they need to manage their businesses – things like receiving payments from customers, paying employees, and making investments. This also includes related professional services like insurance.
Another issue is the limitations banks put on cryptocurrency transactions. The APPG has received reports that some UK banks prevent payments to crypto companies or limit how much money can be transferred. They want to investigate if these restrictions are fair, and how they impact customers, competition within the market, and new developments in the industry.
This review will also examine how the changes affect investment and the economy, identify successful approaches from around the world, and explore ways to make things more accessible while still protecting against fraud and financial crime.
Asking the Same Question Three Years Later
This isn’t the first time the APPG has looked into this issue. A previous inquiry from 2022-23 examined the UK’s goal of becoming a leading center for crypto and financial technology, and it revealed that many companies in the sector were having trouble with banking – either being unable to open accounts or losing access to existing ones. This was identified as a major obstacle to growth.
A recent report highlighted the need for easier banking access for honest businesses and better communication between the government, financial regulators, banks, and industry leaders. Now, three years later, as the UK’s regulations are becoming clearer, the group believes it’s a good time to review how much progress has been made and decide if more needs to be done.
The implicit finding in that framing is that the problem identified in 2023 has not been resolved.
The Timing Is the Point
This question comes at a key time for UK financial regulations. The Financial Conduct Authority recently completed its rules for cryptoassets on June 30th, setting the minimum capital needed for stablecoin companies at just 1% of the value of their tokens and mandating that backing assets be held in a formal trust.
The Financial Conduct Authority (FCA) plans to begin accepting applications for its new authorization process in September 2026, and the complete set of rules will be enforced starting in October 2027. All relevant firms will need to reapply, even if they are already registered for anti-money laundering purposes—current registrations won’t be automatically transferred.
This background leads to the central question of the investigation. Cryptocurrency companies are now seeking official approval from the FCA, and many in the industry believe this approval will finally allow them to access banking services. However, banks have typically cited concerns about money laundering, fraud, and the cost of compliance as reasons for limiting services – issues that FCA authorization alone may not resolve.
This problem has been gaining attention recently. In June, the advocacy group Stand With Crypto UK challenged banks about their practice of blocking transfers to cryptocurrency exchanges that are registered with the FCA. They argued these blocks reduce options for consumers and don’t align with the government’s goals for the crypto industry.
What the APPG Can and Cannot Do
It’s important to understand what All-Party Parliamentary Groups are. These groups bring together MPs and members of the House of Lords from different political parties. However, they’re different from official select committees – they can’t legally require people to provide evidence, and their reports don’t have the power to force the government, regulators, or banks to take action.
The Crypto and Digital Assets All-Party Parliamentary Group (APPG) receives administrative support from CryptoUK, the industry’s trade association. This is a typical setup for APPGs, where an industry body helps manage inquiries, particularly those concerning issues raised by its members.
These groups offer valuable connections and raise awareness. The All-Party Parliamentary Group (APPG) has consistently reflected industry viewpoints, supporting things like the FCA’s new regulations, the Bank of England’s removal of limits on stablecoins, and shared UK-US guidance on digital assets. While their research informs discussions in Parliament, it doesn’t directly create new rules.
How to Submit
From July 21st to August 31st, 2026, the APPG is asking for input from a wide range of organizations and individuals. This includes banks, payment companies, cryptocurrency businesses, financial technology firms, industry groups, government regulators, researchers, lawyers, and consumer advocates.
Submissions should be no longer than six pages and can answer any or all of these questions: how widespread the issue is, what effects it has, what’s causing it, how it compares internationally, and possible solutions. The group will examine all responses and then publish a report detailing their findings and suggestions.
The biggest clue about whether this investigation will succeed might be if banks choose to cooperate. The inquiry relies on getting information from these financial institutions – records of loans and accounts – but they aren’t required to share it.
2026-07-21 13:26