UK Government Faces Backlash Over Proposal to Regulate Cryptocurrency as Gambling

According to Mark Foster, the Crypto Council for Innovation’s EU Policy Lead, the latest Treasury Select Committee report has misinterpreted digital assets and their practical use cases for remittances, payments and increasing financial inclusion. Foster argues that the report’s claims go against the grain and create a misunderstanding of crypto assets.

However, the report maintains that the government should prioritize regulation of cryptocurrency in order to mitigate risks, such as money laundering and terrorist financing. The Treasury Select Committee stated that the current lack of regulation in the crypto sector is unsafe for investors and could potentially lead to financial instability.

In response to the report, the CryptoUK association has called for a regulatory framework for cryptocurrencies that balances the need for consumer protection with innovation in the sector. The association argues that regulation should not stifle innovation and should aim to support the growth of viable crypto businesses in the United Kingdom.

It remains to be seen how the UK government will respond to the report and the calls for regulation in the crypto sector. However, with the growing interest in digital assets and their potential use cases, it is likely that crypto regulation will continue to be a topic of discussion in the coming years.

As Foster stated, “There are practical use cases around remittances, payments and pathways for greater financial inclusion” and it will be important for regulators to consider these potential benefits when developing any future regulatory frameworks.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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