In May, the UK’s cross-party parliamentary Treasury Committee suggested that the government should regulate cryptocurrencies as gambling. Today the Economic Secretary to HM Treasury, Andrew Griffith rejected the proposal unequivocally.
Griffith said it contradicts the approach of other international bodies such as IOSCO and the Financial Stability Board that instead prefer to apply the “same risks, same rules” approach to crypto-asset regulation.
He also suggested that while the Gambling Commission might be effective with gaming, crypto is not the same. “Overseeing financial risks, which are akin to those which exist within financial markets, is not within the mandate or field of expertise of the Gambling Commission,” said an appendix to Griffith’s letter.
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