UK Says No to Regulating Crypto as Gambling

The Government had announced that the proposal from a lawmaker in the country, for regulating crypto as a form of gambling, was an ill suited move for the industry. Not realistic, the lawmakers found that assessing the risk factors & potential harm on the crypto industry which necessitated mainstream financial regulation couldn’t be addressed via gambling regulation mechanism, according to the legislators.

Furthermore, the Government posited that a strategy that follows this statement from financial experts would mean transforming the UK in a hub for the crypto industry that is more advanced compared to the EU which had been part of before the big Brexit move. Prime Minister Boris Johnson promised this, and work on tech reform supports this mission in spite of the slow progress.

This implies that though crypto industry would harvest a blow by getting caught up with loose legislation meant for gambling entities, a robust regulatory system cannot be solely pinned on that vertical.