- A report from the Treasury Committee leaves crypto leaders in the UK disappointed.
- The UK has taken a similar approach to the USA when it comes to crypto regulation.
- Cypro leaders are urging the nation to come up with fair regulations.
It seems the UK isn’t too far off from its crypto regulation policy-making journey as compared to the USA. The latest take from the UK has many crypto leaders shaking their heads in disappointment.
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In detail, crypto leaders in the UK have strongly criticized a report by the Treasury Committee, which called for unbacked digital assets to be regulated like the gambling industry.
Specifically, the report stated that cryptocurrencies like Bitcoin have no intrinsic value, serve no useful social purpose, and are used by criminals for scams and money laundering. The committee also expressed concerns that regulating consumer crypto trading as a financial service would create a false sense of safety for consumers.
In addition, the report argued that the government should take a balanced approach to supporting cryptoasset technologies and avoid investing public resources in projects without clear beneficial use. Industry leaders expressed their dismay at the report’s findings.
In particular, they argued that likening crypto trading to gambling was a step backward and failed to recognize the potential benefits and utility of cryptocurrencies. They emphasized the need for a supportive and innovative regulatory framework that balances consumer protection with the promotion of innovation in the sector.
Some leaders also highlighted the importance of differentiation between cryptocurrencies and the broader digitization of financial services. While the industry largely welcomed regulation, it was suggested that it should not be led solely by the government. The crypto industry itself can set its own standards and adopt measures to mitigate risks such as independent audits and transaction monitoring.
The need for robust regulation was emphasized to protect consumers and prevent failures and corruption that can destabilize the market. Experts from legal and financial sectors weighed in, expressing varying opinions on the report’s recommendations. Some highlighted the need for a nuanced approach to regulating cryptoassets, acknowledging the risks involved but also the potential benefits they offer.
The report’s terminology and portrayal of cryptocurrencies as vehicles for fraud and impropriety were criticized by industry experts. They stressed the importance of understanding the innovations and potential of digital assets, calling for leadership that fosters confidence and dispels misconceptions.
Overall, the report’s findings received strong pushback from crypto leaders in the UK, who called for a balanced and forward-thinking approach to regulation that supports innovation and recognizes the potential of digital assets.
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