The UK government aims to establish London as a global blockchain hub. Yet, restrictive cryptocurrency policies implemented by major banks appear to contradict these ambitions, according to a recent report by crypto tax software provider Recap.
The report reveals the risk-averse approach adopted by banks has led to blanket bans on crypto transactions, impacting businesses and individual investors alike.
According to Recap’s poll, 38% of crypto investors have switched banks due to difficulties trading digital assets, with another 22% considering doing so.
Top Crypto Banks UK Source: Recap
Su Carpenter, Director of Operations at CryptoUK, told Recap,
“The blanket bans on transactions from account holders to crypto exchanges totally goes against the Government’s ambitions for the UK to become a global crypto hub.”
Moreover, businesses are forced to use overseas providers, negatively impacting the UK’s ability to attract organizations and talent.
Most crypto friendly bank in the
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