The UK government has rejected a lawmaker's proposal to regulate cryptocurrencies as gambling, arguing that existing plans better address the unique risks posed by the crypto market. In response to concerns from the House of Commons Treasury Committee about a potential "halo effect" leading people to believe cryptocurrencies like Bitcoin and Ethereum are entirely safe, the government maintains that gambling regulation is not sufficient to address the complexities of the crypto industry. Learning from the collapse of FTX, the government aims to strike a balance between fostering innovation and protecting investors. Despite ambitions to become a crypto hub, the UK faces challenges in keeping up with rival jurisdictions' regulatory progress. The government seeks to develop a comprehensive and competitive regulatory framework aligned with global standards to ensure responsible growth in the crypto sector while mitigating potential risks.
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