### UK lawmakers have voiced strong criticism against the crypto industry, emphasizing the need for stringent regulations and comparing cryptocurrency trading to gambling. The lawmakers argued that due to the absence of intrinsic value, significant price volatility, and a lack of discernible social benefit, consumer trading of cryptocurrencies, such as Bitcoin, more closely resembles gambling than a financial service.

While the government had previously unveiled plans to regulate crypto assets in February, which would require trading platforms to obtain licenses for operation in the UK, the Parliament committee has expressed concerns over these proposals. The committee believes that cryptocurrencies do not qualify as legitimate financial services, warranting a distinct regulatory approach.



Interestingly, recent data from the British tax agency HM Revenue & Customs reveals that approximately 10% of UK adults currently hold or have held cryptocurrencies. This statistic highlights the growing interest and involvement of individuals in the crypto space, underscoring the importance of robust regulations to protect consumers and maintain market integrity.



The lawmakers' assertion that cryptocurrencies should be regulated as gambling carries significant implications. It suggests that stringent measures should be in place to ensure investor protection, risk management, and transparency within the industry. Authorities can potentially establish guidelines that address the unique characteristics and risks associated with cryptocurrencies.



As the debate on crypto regulation unfolds, it remains to be seen how the government will address the concerns raised by lawmakers. Striking the right balance between fostering innovation and safeguarding investors will be crucial in shaping the future of the crypto industry in the UK.

UK lawmakers have voiced strong criticism against the crypto industry, emphasizing the need for stringent regulations and comparing cryptocurrency trading to gambling. The lawmakers argued that due to the absence of intrinsic value, significant price volatility, and a lack of discernible social benefit, consumer trading of cryptocurrencies, such as Bitcoin, more closely resembles gambling than a financial service.

Thu Jun 08 2023

Harsh Words: UK Lawmakers Say ‘Crypto Is Gambling’

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Thu Jun 08 2023 Harsh Words: UK Lawmakers Say ‘Crypto Is Gambling’

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Thu Jun 08 2023

Harsh Words: UK Lawmakers Say ‘Crypto Is Gambling’