UK Finance Minister Agrees to Discuss Crypto Banking Troubles with Lawmakers

According to CoinDesk, UK Finance Minister Jeremy Hunt has agreed to have his ministry discuss the banking troubles faced by crypto companies in the country with lawmakers focused on the issue. This comes as the UK introduced and passed legislation recognizing crypto and stablecoins as regulated financial activities, in line with Prime Minister Rishi Sunak's plans to turn the country into a hub for crypto. Despite the new regulatory status, firms have found it difficult to interact with local banks. Lisa Cameron, head of an All-Party Parliamentary Group (APPG) for crypto and digital assets, asked Hunt if he would be willing to discuss why regulated companies are struggling to open bank accounts. Hunt responded, stating that the UK, particularly London, has become the global crypto hub, but regulation is needed for the market to take off responsibly. He agreed to have the new Economic Secretary of the Treasury, Bim Afolami, meet with the APPG to discuss progress.