The trading of so-called “unbacked cryptoassets” such as Bitcoin and Ether should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report.
The United Kingdom is currently working on a crypto regulatory framework that would mix existing financial asset laws with new crypto-specific rules.
However, in a May 17 House of Commons Committee report, the U.K. Treasury Committee “strongly recommended” regulating retail crypto trading and investment activity as gambling, consistent with the principle of “same risk, same regulatory outcome.”
