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The trade association CryptoUK has expressed concern to the UK government about recent actions by banks to restrict cryptocurrency purchases.

They have proposed the creation of a "white list" of exchanges that would be exempt from such restrictions. Banks such as NatWest, HSBC, Nationwide Building Society, and Santander have all implemented restrictions on cryptocurrency purchases due to regulatory concerns and the potential for fraudulent activities.

In a letter to the Economic Secretary to the Treasury, Andrew Griffith, CryptoUK stated that these blanket bans and restrictions could significantly undermine the government's ambition to become a crypto asset hub and its mission to promote UK growth and innovation through Web3. The association recommended that the government take action because banks are implementing these blanket restrictions rather than adopting a risk-based and case-by-case approach.

CryptoUK suggested that the government should facilitate a meeting between bank and crypto CEOs to find a viable solution, such as the creation of a white list of platforms that have complied with UK regulatory requirements, including AML registration or other EMI/MiFid licenses. Transactions would be allowed to take place freely on these platforms.

In a separate letter to the FCA and Payment Systems Regulator, CryptoUK acknowledged that regulators may not wish to intervene in the commercial decisions of banks but believed that action was necessary in this case due to the blanket approaches that had been taken.

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