UK government rejects lawmakers call to treat crypto like gambling
The government added that they are already working on regulating the crypto market and a proposed regulatory legislation was laid before parliament and debated last month. The United Kingdom government has rejected a proposal made by the U.K. Treasury Committee to regulate crypto retail trading in the same way it oversees gambling, stressing that it "firmly disagrees" with the Committee's stance. A panel of British lawmakers called for regulating the crypto market in the country similar to gambling in a May 17 House of Commons Committee report. The Treasury Committee said that the crypto investment activity is consistent with the principle of “same risk, same regulatory outcome.” U.K financial services minister Andrew Griffith, in a response on July 20 to the committee, rejected the proposal and said that the HM Treasury firmly disagrees with the “Committee’s recommendation to regulate retail trading and investment activity in unbacked cryptoassets as gambling rather th...