A cross-party group of UK lawmakers has launched a parliamentary inquiry into the banking problems dogging the country’s crypto industry, probing why firms struggle to open accounts and why banks curb crypto-related payments.

The Crypto and Digital Assets All-Party Parliamentary Group (APPG)—co-chaired by Lord Vaizey of Didcot, a former digital economy minister, and Labour MP Gurinder Singh Josan—said the inquiry comes just weeks after the UK finalized its new crypto regulatory framework, and will test whether banking barriers could undermine the Government’s goal of making the country a “global leader in digital assets.”

For years, the APPG said, UK crypto businesses have complained that they can’t…