UK crypto

Should Crypto be Regulated Like Gambling? The UK Treasury Committee Thinks So!

CryptocurrencyNewsPolicyRegulation
··1 min read
  • The UK Treasury Committee today published a report on cryptocurrencies, highlighting their potential benefits and significant risks. The report was drawn up to provide recommendations to the government on its treatment of cryptocurrencies.
  • The report acknowledges the potential for innovative technologies like distributed ledger technologies to enhance financial services efficiency.
  • However, the treasury committee expressed concerns about unbacked cryptocurrencies, such as Bitcoin and Ether, due to their volatility and lack of intrinsic value.
  • The committee emphasized the risks associated with unbacked crypto, including potential consumer losses, environmental impact, and criminal activities like scams and money laundering.
  • Effective regulation is seen as crucial to foster innovation while mitigating risks, and the government’s proposal to regulate crypto used in financial services is welcomed.
  • The report advises a balanced approach, avoiding the allocation of public resources to support crypto activities without clear, beneficial use cases.
  • Consumer speculation in unbacked crypto is a particular concern, with the committee recommending regulation of retail trading and investment activity in unbacked crypto as gambling rather than a financial service.
  • The committee also cautioned against promoting technological innovations solely for the sake of innovation, citing the government’s abandoned venture into a Royal Mint NFT as an example.
  • The UK Government will have two weeks to consider the recommendations in the report and respond.
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