Corporate clients of NatWest may soon lose their banking relationship with the Uk-based lender amid contempo negative cryptocurrency-related policy statements.

According to a study by The Guardian, Morten Friis, the caput of the bank's run a risk commission, has revealed that NatWest volition turn down service to business organisation customers that accept cryptocurrency payments.

Friis made the bank's position known during Wednesday's shareholder event, stating:

"We take no appetite for dealing with customers, whether taking them on equally new clients or having an ongoing human relationship with people, whose main business is backed by an substitution for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity."

Friis' comments echo like sentiments recently attributed to HSBC, another U.G. bank, that used identical statements in announcing its determination to bar customers from buying MicroStrategy stock. HSBC'southward anti-crypto stance also saw the bank refuse to allow account holders to eolith profits from cryptocurrency exchanges earlier in the yr.

Co-ordinate to Friis, the banking concern's decision is borne out of the demand to proceed cautiously with cryptocurrencies, given the emerging nature of the industry'southward regulatory landscape. The NatWest board member added that the bank will proceed to monitor the evolution of cryptocurrency regulations from the U.K. Fiscal Deport Dominance.

Back in March, the FCA mandated all U.K. crypto firms to begin submitting yearly financial crimes reports.

Meanwhile, the NatWest executive'southward comments could have significant implications for corporate clients like WeWork and Tesla that take appear plans to accept crypto payments.

In addition to withholding banking services to corporate clients involved in crypto, Friis too stated that NatWest will increment its financial crimes scrutiny for personal account holders dealing in cryptocurrencies.

Friis pointed to the coin laundering and illicit financial activities as justification for its increased security checks on individual clients engaging in crypto activities.

Nevertheless, numerous studies notably show that criminal activities only establish a minute proportion of global cryptocurrency commerce.