UK lawmakers press banks on crypto access policies as the FCA prepares its new digital asset regulatory regime.
Regulation & Gov ·
UK lawmakers have pressed banks to clarify how the Financial Conduct Authority's forthcoming crypto regulatory framework may influence their approach to digital asset firms. The inquiry reflects concern that banking access restrictions represent a significant constraint on sector expansion.
The FCA is preparing a new digital asset regulatory regime, which is expected to reshape the operating environment for crypto businesses in the country. Banks' current policies toward crypto firms vary, and lawmakers are seeking transparency on whether the incoming rules will prompt shifts in those policies going forward.
It remains unclear what specific policy changes banks are considering or whether the FCA's new framework will materially ease or tighten banking access for the sector. The timing and scope of the regulator's final ruleset also have not yet been detailed in the available material.