The UK Is Approaching Its Ambition To Dominate Crypto
As the UK continues to investigate how to address cryptocurrencies, a sizable proportion of regional banks is willing to enable clients to deal with digital assets. Banks serve as a bridge between clients and platforms such as cryptocurrency exchanges.
According to a Finder.com study published by The Fintech Times on October 14, just 47% of UK banks do not have rules enabling consumers to participate in cryptocurrency exchanges, with the majority citing security concerns.
The poll included responses from 17 major UK banks, building societies, and banking applications. Seven banks contacted do not accept transfers or debit/credit card transactions involving cryptocurrency exchanges. Halifax, HSBC, The Co-operative Bank, and TSB are the banks on this list.
According to the poll, only four banks are crypto-friendly and have no limits on client contacts with cryptocurrency exchanges. Starling, Monzo, and Revolut are examples of digital-only banks or banking applications in this category.
Notably, the services allow transfers and withdrawals from cryptocurrency exchanges other than Binance, which is prohibited nationwide.
Furthermore, institutions such as Barclays, Lloyds Bank, Bank of Scotland, NatWest, and RBS have a mixed approach, with varying rules that allow clients to deal with cryptocurrencies. Notably, they include limitations such as barring credit card payments and certain transactions.
The poll findings come at a time when the UK is working to build a crypto regulatory framework to make the country a digital asset center. Notably, exchanges have emerged as major entry points into the crypto space, with the country registering a sizable number of investors.
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