UK Government Rejects Lawmakers’ Call to Treat Crypto like Gambling

Crypto Trading and Gambling Regulations in the U.K.

The U.K. Treasury Committee recently proposed to regulate crypto retail trading in the same way it oversees gambling, but the United Kingdom government has rejected the suggestion. Andrew Griffith, U.K financial services minister, commented that the HM Treasury firmly disagrees with the Committee’s recommendation.

The Gaming Act of 2005 governs all forms of gambling in the U.K., including bingo halls, lotteries, betting shops, online bookmakers, and casinos. This is done in an effort to reduce compulsive gambling and implement anti-money laundering measures.

The crypto market, however, is not subject to the same regulations as gambling. The U.K. Treasury Committee suggested that the principle of “same risk, same regulatory outcome” should be applied to the crypto investment activity, but the government has not taken any action on the proposal.

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Crypto Regulations and Standards

The British government has acknowledged the potential of the committee’s recommendations to create ambiguity and overlap between financial regulators and the Gambling Commission. In response, the government is already working to regulate the crypto market, and a proposed regulatory legislation was laid before parliament and debated last month.

The government has indicated that this legislation may come into effect by late 2023, and they have taken the committee’s recommendations into consideration. In addition, the government is aiming to set standards for the crypto industry and crypt firms, such as Aventus Crypto, Audius Crypto, AIOZ Crypto, CLV Crypto, CKB Crypto, and Big Crypto.

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