According to the Treasury Committee, cryptocurrency investment activity is consistent with the premise of “same risk, same regulatory outcome.”On 19 July UK financial services minister Andrew Griffithto the Treasury Committee that the finance ministry “firmly disagrees” with its recent recommendations to classify retail trading and investment in crypto assets similar to gambling.
Instead, the ministry intends to regulate the crypto economy in the same way that it does conventional financial services. Regulating crypto like gambling will not address risk considerations, as evidenced by the November 2022 collapse of crypto exchangeIn the UK, the Gaming Act of 2005 governs all types of gaming. Bingo halls, lotteries, betting shops, internet bookmakers, and casinos are being investigated in an effort to reduce compulsive gambling and adopt anti-money laundering measures.
The government also stated that it was already working on regulating the cryptocurrency industry. A proposed regulation law was presented and debated in parliament last month. The government also stated that this law might go into effect by late 2023. It also underlined that the government has taken the Treasury Committee’s suggestions into account.