UK Government rejects recommendation to regulate cryptocurrency trading as gambling
The UK government has dismissed a proposal by the House of Commons Treasury Committee to regulate cryptocurrency trading as gambling
The UK government has rejected a parliamentary committee's recommendation to regulate cryptocurrency trading as a form of gambling.
The House of Commons Treasury Committee had proposed that the volatility and risk of cryptocurrency trading resembled gambling more than a financial service.
However, the economic secretary to the treasury, Andrew Griffith, stated that the treasury disagreed, pointing out potential misalignments with international standards, potential confusion between financial and gambling regulators' roles, and failure to address specific risks of cryptocurrency trading.
Instead, the treasury believes a financial services regulatory framework would better address these risks.