“Gambling” Analogy for Crypto from UK Lawmakers

Due to the high levels of risk associated with Bitcoin, Ether and other cryptocurrencies, a group of UK legislators concluded on Wednesday that they should be regulated like gambling.

The UK Aims to be a Global Hub for Crypto

The UK is drafting its first laws for crypto assets, which presently only conform to anti-money laundering measures . This is one of the several steps planned to become a worldwide center for crypto and its underlying blockchain technology.
The report from parliament’s treasury committee said that Bitcoin and Ether, which make up two-thirds of all cryptoassets are not backed by any currency or asset which causes price volatility . The lawmakers warned that customers can be misled into thinking that trading and investing in unbacked cryptocurrencies is safer than it is due to the “halo” effect created by regulation .
Consistent with its stated premise of “same risk, same regulatory outcome” the report recommends that the government should treat crypto trading and investing activities in unbacked crypto assets as gambling rather than as a financial service .

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