UK parliamentary group probes banking barriers for crypto firms

A United Kingdom parliamentary group has launched an inquiry into whether crypto businesses and consumers face barriers to banking services, including account access and restrictions on crypto-related transactions.On Monday, the Crypto and Digital Assets All-Party Parliamentary Group (APPG) said that it would examine how the restrictions affect investment, competition and economic growth. The group said it would assess whether the restrictions are proportionate.Written submissions from banks, payment providers, crypto firms and other stakeholders are open until Aug. 31, after which the group plans to publish its findings and recommendations.A January survey by the UK Cryptoasset Business Council found that 10 crypto exchanges said banks blocked or delayed 40% of transactions to crypto platforms. According to the survey, 70% of respondents said the restrictions had reduced their willingness to invest, expand or hire in the UK.The inquiry comes ahead of the Financial Conduct Authority beginning to accept authorization applications from crypto firms on Sept. 30.