In a recent report, a group of British MPs recommended that trading in so-called "unbacked cryptoassets" like Bitcoin and Ether be treated more like gambling than a financial activity. Currently, the UK is developing a framework for regulating cryptocurrencies that combines current laws governing financial assets with new crypto-specific regulations.
However, the U.K. Treasury Committee "strongly recommended" regulating retail cryptocurrency trading and investment activities as gambling in a report to the House of Commons Committee on May 17. This recommendation was in line with the adage "same risk, same regulatory outcome."
It argued the price volatility and lack of intrinsic value mean unbacked crypto assets will “inevitably pose significant risks to consumers.” According to Treasury Committee Chair Harriett Baldwin, Bitcoin an
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First found on: Crypto retail trading should be regulated as gambling: UK lawmakers
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