Months after the government of the United Kingdom parliament’s Treasury Committee issued a report suggesting that regulators should treat cryptocurrencies like gambling, the British finance ministry has rejected these calls.
As it happens, Britain’s financial services minister, Andrew Griffith, told the committee that the finance ministry “firmly disagrees” with the recommendation to regulate retail trading and investing in unbacked crypto assets as gambling, according to the report by Reuters published on July 20.
Problems with equating crypto and gambling
Instead, the minister wrote to the chair of the Treasury Committee, Harriett Baldwin, authorities will treat the assets in the crypto sector like other financial services. Specifically:
“[The] Treasury 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,’” he wrote.
Indeed, Griffith argued th
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