UK Banks Continue to Reject Crypto Companies Despite Government Support

Despite the UK government's pro-crypto stance and regulatory framework, banks are still refusing to offer basic banking services to digital asset firms, according to industry sources. Crypto executives have complained about the difficulties they face in securing banking services, with some firms turning to France instead. The UK government has announced several pro-crypto initiatives, including plans to mint their own NFT, regulating stablecoins, and examining how to tax DeFi loans and staking. However, the banking sector's reluctance to engage with crypto firms is making it difficult for the government to achieve its policy objectives of encouraging growth, innovation, and competition in the UK.