UK report likening crypto to gambling has traders hyped on tax implications

'Happy days': Crypto Twitter hopes UK's gambling designation means no capital gains tax

The UK House of Commons Treasury Committee released a report today arguing that trading in assets like bitcoin and ether should be regulated like gambling.

The regulation of cryptocurrencies as gambling instruments, in the committee's view, would protect retail investors from its volatility and the risks associated with scams and illegal activity. The report echoes the Industry lobby group CryptoUK raised a similar point in a statement following the release of the committee report, asking"Does the Government really wish to exclude tens of millions of pounds in tax income from gains made by the buying and selling of unbacked crypto assets?"

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