Revolut identified as the most crypto-friendly UK bank as 38% of crypto investors leave legacy banks – report

The UK authorities aims to found London arsenic a planetary blockchain hub. Yet, restrictive cryptocurrency policies implemented by large banks look to contradict these ambitions, according to a recent report by crypto taxation bundle supplier Recap.

The study reveals the risk-averse attack adopted by banks has led to broad bans connected crypto transactions, impacting businesses and idiosyncratic investors alike.

According to Recap’s poll, 38% of crypto investors person switched banks owed to difficulties trading integer assets, with different 22% considering doing so.

Top Crypto Banks UK Source: Recap

Su Carpenter, Director of Operations astatine CryptoUK, told Recap,

“The broad bans connected transactions from relationship holders to crypto exchanges wholly goes against the Government’s ambitions for the UK to go a planetary crypto hub.”

Moreover, businesses are forced to usage overseas providers, negatively impacting the UK’s quality to pull organizations and talent.

Most crypto affable slope successful the UK.

Recap named Revolut arsenic the astir cryptocurrency-friendly bank, being the lone 1 enabling trades via mobile banking portion besides providing acquisition tools to customers. Meanwhile, banks similar HSBC and Natwest person implemented strict limits, allowing simply £2,500-£5,000 successful crypto purchases per month, according to Recap’s findings.

Recap’s criteria for a ‘crypto-friendly bank‘ is arsenic follows:

• Allow customers to transportation wealth to centralized cryptocurrency exchanges.
• Allow customers to buy, sell, and clasp integer assets directly.
• Have a broader bounds connected however overmuch you tin retreat and deposit successful your account.
• Allow users to acquisition cryptocurrency utilizing a debit oregon recognition card.

Legacy institutions are seemingly struggling to accommodate amid disruption by blockchain technology. For the UK to flourish arsenic a planetary crypto leader, regulators indispensable make an adjacent playing tract for investors portion ensuring compliance, according to the report.

Striking the perfect equilibrium requires input from some manufacture and government. However, Recap states advancement relies connected regulators intervening to enforce indispensable changes successful banking, arsenic voluntary engagement faces roadblocks. The taxation bundle supplier besides highlights however restrictive crypto services and rules whitethorn interaction individuals’ quality to signifier taxes owed to issues accessing accounts.

The station Revolut identified arsenic the astir crypto-friendly UK slope arsenic 38% of crypto investors permission bequest banks – report appeared archetypal connected CryptoSlate.