The UK Treasury Committee has recently suggested that cryptocurrencies should be regulated as gambling. This recommendation comes after a year-long inquiry into digital currencies and their impact on the UK economy.
The committee’s report states that cryptocurrencies are currently not regulated in the same way as other financial products, such as stocks and bonds. This lack of regulation has led to concerns about the potential for fraud and money laundering.
The report suggests that regulating cryptocurrencies as gambling would provide greater protection for consumers and help to prevent criminal activity. Under this proposal, cryptocurrency exchanges would be required to obtain a gambling license and adhere to strict regulations.
The report also recommends that the UK government should consider creating a new regulatory body specifically for cryptocurrencies. This body would be responsible for overseeing the industry and ensuring that it operates in a safe and transparent manner.
The committee’s report has been met with mixed reactions from the cryptocurrency community. Some argue that regulating cryptocurrencies as gambling would stifle innovation and limit the potential benefits of these technologies. Others believe that greater regulation is necessary to protect consumers and prevent criminal activity.
Regardless of the outcome, it is clear that cryptocurrencies are becoming an increasingly important part of the global economy. As such, it is important for governments and regulators to carefully consider how best to regulate these technologies in order to ensure their safe and responsible use.
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- Source: https://zephyrnet.com/regulate-crypto-as-gambling-says-uk-treasury-committee/