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UK Government rejects plans to regulate crypto under gambling laws

Monday 24 de July 2023 / 12:00

2 minutos de lectura

(London).- The House of Commons Treasury Committee’s recommendation that the UK government regulate the cryptocurrency industry under gambling legislation has been shot down by economic secretary Andrew Griffith.

UK Government rejects plans to regulate crypto under gambling laws

The UK’s House of Commons Committee’s proposal of classifying unbacked crypto assets as gambling has been turned down by the UK goverment. 

The Committee laid out the government’s response to its ‘Regulating Crypto’ white paper filed in May in a recent statement.

According to the response, the government “recognises many of the consumer risks described in the report, as well as the pressing need for robust and effective regulation”.

However, the government “firmly disagrees with the Committee’s recommendation to regulate ‘retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service’”.

The response was signed off by Andrew Griffith MP, who cited international regulatory standards as the reason for the government’s decision. He wrote: “The Committee’s proposed approach would therefore risk creating misalignment with international standards and approaches from other major jurisdictions including the EU, and potentially create unclear and overlapping mandates between financial regulators and the Gambling Commission.”

Regulating crypto as gambling would run counter to the globally agreed principle of “same activity, same risk, same economic outcome”, wrote Griffith, “meaning that any cryptoasset activity that performs a similar function, and poses similar risks, to those in the traditional financial system (for example, operating a trading platform or providing custody services) are subject to regulation that ensures equivalent outcomes.

The response also warned that bringing cryptoassets under gambling regulation could fail to appropriately mitigate any risks associated with market manipulation, inadequate prudential arrangements, and deficiencies in core financial risk management practices.

This makes a financial services regulatory framework more appropriate for addressing risks associated with trading cryptocurrencies.

The government’s response to the Treasury Committee’s white paper also said it sees the potential benefits of certain cryptoassets and their underlying technologies in financial services, particularly for cross-border payments and underdeveloped financial sectors.

The issue of how to regulate cryptocurrencies like bitcoin and ether has been a major point of contention in recent years.

The European Union has agreed on a widespread bespoke regulatory framework called the ‘Markets in Crypto-assets Act’, while lawmakers in the UK are focusing on retrofitting existing financial laws.


By William Farrington


Tags: Sin tags

País: United Kingdom

Región: EMEA


BEGE Awards distinguish outstanding gaming industry achievements in 22 categories

(Sofia).- At an official ceremony hosted by the Black&White Club, part of the Palms Royale Sofia complex, the annual BEGE awards for achievements in the gaming and entertainment industry were given in the presence of senior management officials from the leading companies in the industry.

Thursday 23 Nov 2023 / 12:00

CT Gaming’ Casino-Management System triumphs at BEGE Awards!

(Sofia).- It is with great pleasure to announce that CT Gaming has been honored with the prestigious ‘Casino Management System of the Year’ award at the BEGE Awards!

Thursday 23 Nov 2023 / 12:00

CT Interactive with three prestigious awards at the BEGE ceremony

(Sofia).- CT Interactive, a leading provider of online gaming solutions, has won three prestigious awards. The company’s game “Treasure Chase” was honored with the title of “Online Game of the Year,” while CT Interactive itself was recognized as the “Online Provider of the Year” at the BEGE 2023 ceremony. The CEO of the company – Lachezar Petrov won the executive of the year award.

Wednesday 22 Nov 2023 / 12:00


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