The United Kingdom have denied the option to use Cryptocurrency as a form of gambling, after lawmakers propose the idea to the United Kingdom’s government.
The government, according to recent reports, believes that regulating crypto as a method of gambling could mean that the regulators themselves would be unable to correct any cases like the collapse of FTX.
Meaning the UK government doesn’t envision a correct way for gambling regulators to cover the crypto industry and in a way that would protect future users from any danger.
However, the concept of regulating cryptocurrencies as a way to use traditional finance would make people feel that investing in Bitcoin or Ether is as safe as buying stock, according to the House of Commons committee.
The Treasury recently spoke out about the risk factors that would come with this new format and how problems linked with insider trading cannot be dealt with as safely, in comparison to the traditional financial rules.
The Treasury said: “The recommendation to rely on gambling regulation would represent a fundamental departure from the Government’s intended approach which reflects recommendations from global standard-setting bodies.”
Familairty with crypto is regulation is still yet to reach the United Kingdom and is considered to be ‘lagging behind’ the European Union – being left several years behind.
Rishi Sunak, the current Prime Minister, promised to transform the United Kingdom into a hub for the cryptocurrency industry, but any attempt to do-so is yet to be seen or finalised.
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