Gambling and Crypto Trading Are Similar, Says UK Panel
In a report published on Wednesday, May 17, the Treasury Select Committee, a cross-party group comprising the members of Parliament “strongly recommended” this treatment for the trading of digital assets. advertisement This recommendation comes following a months-long inquiry into how crypto assets should be overseen. However, regulating crypto trading similar to gambling would mean a departure from how other jurisdictions are treating the asset class. The report noted: “We are concerned that regulating retail trading and investment activity in unbacked cryptoassets as a financial service will create a ‘halo’ effect that leads consumers to believe that this activity is safer than it is, or protected when it is not”. As of now, nearly 10% of UK adults have been holding crypto assets. As per the convention, the UK government will have to respond to the report just within two months of publication. Recommended A...