The UK government has expressed its aim to establish London as a global hub for blockchain technology. However, a recent report by crypto tax software provider Recap suggests that major banks in the country are implementing restrictive cryptocurrency policies that contradict these ambitions. The report reveals that the risk-averse approach adopted by banks has led to blanket bans on crypto transactions, causing difficulties for businesses and individual investors. According to Recap’s poll, 38% of crypto investors have switched banks due to these difficulties, and another 22% are considering doing the same. This hinders the UK’s ability to attract organizations and talent, as businesses are forced to rely on overseas providers. In Recap’s findings, Revolut is named as the most cryptocurrency-friendly bank in the UK, being the only one that enables trades via mobile banking and provides educational tools to customers.
#UKcrypto #blockchainhub #cryptopolicies #bankingrestrictions #cryptotransactions #cryptoinvestors #cryptofriendlybanks #Revolut
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