UK wants to become a crypto heaven and acts accordingly
Some Europeans are still sane, it seems. On Thursday, July 20th, the UK’s economic and finance ministry has vehemently rejected the House of Commons’ Treasury Committee’s proposals to regulate cryptocurrencies similarly to gambling. Back in May, the Treasury Committee had suggested that unbacked cryptocurrencies should be treated like gambling since the speculative nature of these assets resembled gambling more than financial services.
Nonetheless, Britain’s Financial Services Minister, Andrew Griffith, expressed strong disagreement with the idea of classifying cryptoassets as a form of gambling. Griffith pointed out that regulating cryptocurrencies as gambling could lead to the neglect of addressing critical risks, such as the co-mingling of customer assets, as seen in the case of the failed crypto exchange FTX. Additionally, it would likely fail to tackle issues related to market manipulation, inadequate prudential arrangements, and deficiencies in core financial risk management practices.
Remember folks: BEST MARKET IS ORGANIZED MARKET.
Of course, we expected nothing less from a nation whose one third of citizen owns cryptoassets… Nice job!
