{"id":1879,"date":"2023-05-17T13:28:06","date_gmt":"2023-05-17T07:58:06","guid":{"rendered":"https:\/\/news.cetoex.com\/?p=1879"},"modified":"2023-05-17T13:28:07","modified_gmt":"2023-05-17T07:58:07","slug":"crypto-trading-should-be-regulated-like-gambling-uk-lawmakers","status":"publish","type":"post","link":"https:\/\/news.cetoex.com\/crypto-trading-should-be-regulated-like-gambling-uk-lawmakers\/","title":{"rendered":"Crypto Trading Should Be Regulated Like Gambling: UK Lawmakers"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/05\/uk-800x450.jpeg.webp\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Cetoex News &#8211;  <\/strong> In a recently published report, the Treasury Select Committee \u201cstrongly recommended\u201d retail crypto trading to be treated akin to gambling. The cross-party group of Parliament members argued that trading is more similar to betting on sports or in a casino rather than investing.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In fact, the report specified that top crypto assets like Bitcoin and Ethereum also \u201chave no intrinsic value and serve no useful social purpose.\u201d Harriett Baldwin, who chairs the committee, additionally brought to light the \u201chuge price volatility\u201d factor and underlined how that makes crypto assets fundamentally different from traditional financial assets. As a result, lawmakers contended that the government regulates crypto as a gambling instrument. The report noted,<\/p>\n\n\n\n<p><strong>\u201cWe therefore strongly recommend that the Government regulates retail trading and investment activity in unbacked crypto assets as gambling rather than as a financial service, consistent with its stated principle of \u2018same risk, same regulatory outcome\u2019.\u201d<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Earlier, the FCA recently revealed that the&nbsp;UK&nbsp;planned to regulate crypto under a \u201ctough\u201d new financial services law. As Watcher Guru reported, statements from the regulator claimed tougher standards were needed to \u201cdetoxify\u201d crypto to protect consumers. FCA Chair, Ashley Alder, also highlighted how the new crypto law will need to mimic the toughness of the traditional finance industry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-wild-west-connotation\">The \u2018wild west\u2019 connotation<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Citing data from HM Revenue &amp; Customs, the report brought to light that around 10% of UK adults hold or have held crypto assets. Conventionally, the government ought to respond to the report within \u201cabout two months of publication,\u201d according to\u00a0Bloomberg. However, it is not mandatory to follow the recommendations. Baldwin went on to underline how the events of 2022 have \u201chighlighted the risks posed to consumers by the crypto asset industry. The Chair noted that \u201clarge parts\u201d of the same \u201cremains a wild west.\u201d Chalking out other red flags, the report noted,<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u201cWe are concerned that regulating retail trading and investment activity in unbacked crypto assets 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<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>NEWS BY &#8211; CETOEX NEWS<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cetoex News &#8211; In a recently published report, the Treasury Select Committee \u201cstrongly recommended\u201d retail crypto trading to be treated akin to gambling. The cross-party group of Parliament members argued&hellip; <\/p>\n","protected":false},"author":1,"featured_media":1880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[41,44,106,720,26,854],"class_list":["post-1879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-coin","tag-cetoex","tag-cetoex-news","tag-crypto","tag-crypto-trading","tag-cryptocurrency","tag-uk-lawmakers"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/news.cetoex.com\/wp-content\/uploads\/2023\/05\/uk-800x450.jpeg.webp","_links":{"self":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/comments?post=1879"}],"version-history":[{"count":1,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1879\/revisions"}],"predecessor-version":[{"id":1881,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1879\/revisions\/1881"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media\/1880"}],"wp:attachment":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media?parent=1879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/categories?post=1879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/tags?post=1879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}