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The UK government has rejected a proposal by a group of lawmakers to regulate crypto trading like gambling, saying that it does not agree with their view. The proposal was made by the House of Commons Treasury Committee in a report published in May, which argued that crypto assets that are not backed by any tangible value, such as Bitcoin and Ether, should be treated as gambling products and subject to the same rules and taxes.
The Treasury Committee claimed that crypto trading is similar to gambling because it involves high levels of risk, volatility, and speculation and that investors are often driven by emotions rather than rational analysis. The committee also expressed concerns about the lack of consumer protection, market integrity, and anti-money laundering measures in the crypto sector.
However, the UK government has firmly disagreed with this stance, saying that it does not reflect the nature and potential of crypto assets. In its response to the report, the government said that it recognizes that crypto assets have unique features that distinguish them from other types of financial instruments and that they can offer benefits such as innovation, efficiency, and financial inclusion.
UK Government Sees Potential in Crypto
The government also said that it is committed to establishing a clear and proportionate regulatory framework for crypto assets in the UK, which would balance the risks and opportunities of this emerging technology. The government said that it is working closely with the Financial Conduct Authority (FCA), the Bank of England (BoE), and other relevant authorities to develop appropriate rules and standards for crypto assets based on the principles of stability, competition, and consumer protection.
The government’s response has been welcomed by the crypto industry, which has argued that treating crypto trading like gambling would stifle innovation and growth in this sector. According to some experts, the UK has the potential to become a global leader in crypto innovation if it adopts a forward-looking and supportive regulatory approach.
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