UK Government Rejects Lawmaker Plan to Regulate Crypto as Gambling
The Treasury says it has learned lessons from FTX's collapse, and that gambling law doesn’t deal with crypto risks.
Regulating Crypto: Government Response to the Committee’s Fifteenth Report
HM Treasury firmly disagrees with the Committee’s recommendation to regulate “retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service”.
Such an approach would run completely counter to globally agreed recommendations from international organisations and standard-setting bodies, including the International Organization of Securities Commissions (IOSCO)1 and the G20 Financial Stability Board (FSB). These recommendations are grounded in the principle of ‘same activity, same risk, same regulatory outcome’, meaning that any cryptoasset activity that performs a similar function, and poses similar risks, to those in the traditional financial system (for example, operating a trading platform or providing custody services) are subject to regulation that ensures equivalent outcomes.
OK, but that still doesn't address the possibility that some crypto could be packaged as gambling, such as spread-betting ir binary bets.
gambling on crypto
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