Crypto should be regulated like gambling, argue UK lawmakers

Unlike the government which wishes to regulate the crypto as the financial serviceson All-Party Treasury Committee from United Kingdom believes that the digital parts trading is more like gambling.

According to a panel of legislators from the UK Treasury Committee, cryptocurrency trading such as Bitcoin and Ethereum should be regulated like the gambling.

In a report released on Wednesday, the group of British lawmakers said that cryptocurrencies have not ” no intrinsic value ” and did not serve “ no useful social purpose “, while “consuming large amounts of energy and being used by criminals”.

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The committee also noted that crypto ran “ significant risks for consumers,” due to the high volatility present in this new market.

Since unsupported retail crypto trading is more like gambling than a financial service, MPs are calling on the government to regulate it as such,” he argued.

While the country is now moving toward fairly strict rules for cryptocurrency and similar to those used for traditional financial serviceslegislators believe that this could create a ” halo effect ” which would imply that it is a risk-free activity.

“By betting on these unsecured ‘chips,’ consumers should be aware that all their money could be lost,” commented Congresswoman Harriett Baldwin, chair of the Treasury Committee.

The government must respond to the report in a two monthsreports Bloombergnoting that it is not required to follow the recommendations.

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The number of Britons with digital assets such as BTC is estimated at about 10%according to His Majesty’s Revenue and Customs.

Finally, the panel recommends that the governmentavoid spending public funds on projects “without clear and beneficial uses,” citing his initiative NFT unveiled in 2022 and finally aborted last March.

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