Andrew Griffith, U.K’s Economic Secretary to the Treasury, has rejected the Parliament Treasury Select Committee’s recommendation to regulate cryptocurrency trading as gambling, according to a response published on July 20.
In a May report, the U.K’s Treasury Committee acknowledged that blockchain technology could be beneficial to the financial services industry. However, it likened cryptocurrency investing and trading to gambling, recommending that the industry should be regulated as such.
Griffith argued that adopting the Parliament’s Committee recommendation would result in a conflict with international regulators and would not adequately address the risks associated with the industry.
“The Committee’s proposed approach would therefore risk creating misalignment with international standards and approaches from other major jurisdictions including the EU, and potentially create unclear and overlapping mandates between financial regulators and the Gambling Commission.”
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