Woofun AI reports that a United Kingdom parliamentary group has initiated an inquiry into banking services barriers, specifically targeting account access and restrictions on crypto-related transactions affecting businesses and consumers.

The Crypto and Digital Assets All-Party Parliamentary Group (APPG) announced on Monday that it will evaluate how these constraints impact investment, competition, and economic growth. The group aims to determine if the current restrictions are proportionate. Written submissions from banks, payment providers, crypto firms, and other stakeholders remain open until Aug. 31, after which findings and recommendations will be published.

Woofun AI data shows that a January survey by the UK Cryptoasset Business Council revealed 10 crypto exchanges reported banks blocked or delayed 40% of transactions to crypto platforms.

Notably, 70% of respondents indicated these restrictions reduced their willingness to invest, expand, or hire in the UK.

This investigation precedes the Financial Conduct Authority beginning to accept authorization applications from crypto firms on Sept. 30. The timing underscores the critical need for regulatory clarity before formal licensing commences.