UK Lawmakers Want to Regulate Crypto Like Gambling

UK lawmakers have proposed regulating cryptocurrency as gambling, according to a report by the Treasury Committee. The report, which was published on May 16, 2023, found that cryptocurrencies are “high-risk” investments that are “not suitable for most consumers.”

The report recommends that the government regulate cryptocurrency exchanges and service providers in a similar way to gambling operators. This would include requiring them to obtain a license, to conduct customer due diligence, and to protect consumers from fraud.

The report also recommends that the government educate consumers about the risks of investing in cryptocurrencies. This would include providing information about the volatility of cryptocurrency prices, the potential for fraud, and the lack of consumer protection.

The government has not yet responded to the report’s recommendations. However, if they are implemented, they would represent a significant step towards regulating the cryptocurrency industry in the UK.

Here are some additional details about the report:

• The report was published by the Treasury Committee, which is a select committee of the UK Parliament.
• The report was authored by Meg Hillier, the Chair of the Treasury Committee.
• The report found that cryptocurrencies are “high-risk” investments that are “not suitable for most consumers.”
• The report recommends that the government regulate cryptocurrency exchanges and service providers in a similar way to gambling operators.
• The report also recommends that the government educate consumers about the risks of investing in cryptocurrencies.