NEW: U.K.’s CommonsTreasury is calling for unbacked crypto like $BTC and $ETH to be regulated under gambling rules, which goes against hmtreasury’s plans to treat them as financial services. camomileshumba reports
The country's finance ministry, however, stands by its proposal to regulate crypto as financial services.
“Risks posed by crypto are typical of those that exist in traditional financial services and it’s financial services regulation – rather than gambling regulation – that has the track record in mitigating them,“ a spokesperson for the ministry said in an emailed statement to CoinDesk."Crypto offer opportunities but we are taking an agile approach to robustly regulating the market, addressing the most pressing risks first in a way that promotes innovation.
Crypto advocates too are already disagreeing with the committee's call to regulating certain crypto as gambling. “Modern regulated economies must confront and engage with the evolution of finance, and develop a sophisticated regulatory regime which is not achieved by dismissing crypto investment as gambling,”
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