UK lawmakers urge regulation of cryptos as gambling due to lack of intrinsic value
A report by the UK Treasury Select Committee highlights concerns over the absence of intrinsic value in cryptocurrencies and calls for their regulation as gambling
UK lawmakers have released a report stating that cryptocurrencies lack intrinsic value and should be treated and regulated like gambling.
The Treasury Select Committee expressed its concerns regarding the government's plans to regulate consumer trading of cryptocurrencies as a financial service.
Highlighting the substantial risks involved, the committee emphasized the volatility and potential for significant financial losses in the crypto market.
As a result, the lawmakers called for robust regulation to safeguard consumers and foster innovation in the UK's financial services industry, asserting that crypto trading more closely resembles gambling than a traditional financial service.