The Commission noted that current options for using crypto as collateral were deemed inadequate, prompting the call for a bespoke statutory legal framework that would provide clearer guidelines.
The comprehensive bill spans 335 pages and is a robust financial services and markets framework to fortify the UK's economic systems in the post-European Union era.
The reports state that crypto companies are facing application rejections from U.K. banks. For eg, SavingBlocks, which applied with nine different UK banking service providers for a corporate account, had its application rejected by seven of them
While the government continues to express a desire for a digital pound, leading UK bankers warn of the risks associated with digital currency and try to restrict access