{"id":12560,"date":"2023-05-23T08:24:01","date_gmt":"2023-05-23T12:24:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/uk-parliaments-treasury-committee-calls-for-cryptocurrency-regulation-citing-gambling-like-risks\/"},"modified":"2023-05-23T08:24:03","modified_gmt":"2023-05-23T12:24:03","slug":"uk-parliaments-treasury-committee-calls-for-cryptocurrency-regulation-citing-gambling-like-risks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12560","title":{"rendered":"UK Parliament’s Treasury Committee Calls for Cryptocurrency Regulation, Citing Gambling-Like Risks"},"content":{"rendered":"
\n

The UK Parliament\u2019s Treasury Committee has called for unbacked cryptocurrencies to be regulated in the same way as gambling, saying speculation in these assets \u201cmore closely resembles gambling than it does a financial service.\u201d<\/p>\n

\u201cRegardless of the regulatory regime, their price volatility and absence of intrinsic value means that unbacked crypto assets will inevitably pose significant risks to consumers,\u201d members of the Treasury Committee said in a report published on May 17.<\/p>\n

It added that crypto in this sense should be seen in the same way as gambling, saying:<\/p>\n

\n

\u201c[\u2026] consumer speculation in unbacked crypto assets more closely resembles gambling than it does a financial service.\u201d<\/p>\n<\/blockquote>\n

In line with the principle of \u201csame risk, same regulatory outcome,\u201d the report warned that consumers might be led to believe that crypto is safer than it actually is if regulations are seen as pro-crypto.<\/p>\n

\u201cWe are concerned that regulating retail trading and investment activity in unbacked cryptoassets as a financial service will create a \u2018halo\u2019 effect that leads consumers to believe that this activity is safer than it is, or protected when it is not,\u201d the report said.<\/p>\n

The report from the Treasury Committee came after British media outlet Sky News ahead of the report\u2019s publishing revealed that members of the committee had described crypto as having “no intrinsic value and no useful social purpose.”<\/p>\n

UK global crypto hub ambitions<\/h2>\n

The new stance from UK legislators is surprising given the UK government\u2019s ambition of making the country an international hub for crypto.<\/p>\n

Naturally, becoming a hub for crypto would necessitate a pro-crypto regulatory environment, but gambling-like regulations is likely not what the industry has been hoping for in this regard.<\/p>\n

Earlier this year, the UK Treasury said that it is set to deliver “ambitious plans to robustly regulate cryptoasset activities” on a par with traditional finance.<\/p>\n

“Under plans set out by the government today (1 February), it will seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance,” the UK government said at the time.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK Parliament\u2019s Treasury Committee has called for unbacked cryptocurrencies to be regulated in the same way as gambling, saying speculation in these assets \u201cmore closely resembles gambling than it does a financial service.\u201d \u201cRegardless of the regulatory regime, their price volatility and absence of intrinsic value means that unbacked crypto assets will inevitably pose […]<\/p>\n","protected":false},"author":1,"featured_media":12561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-12560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nUK Parliament's Treasury Committee Calls for Cryptocurrency Regulation, Citing Gambling-Like Risks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The UK Parliament\u2019s Treasury Committee has called for unbacked 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