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Crypto News: The global digital asset market registered a piece of positive news on Thursday from one of the biggest economies. The British government stated that it has rejected lawmaker calls to control the crypto industry as a form of gambling. The authority mentioned that it would be regulated just like any other financial service.
Also Read: Congress Asks US SEC To Make Clear Crypto Rules
British Finance Ministry Rejects Lawmaker Calls
As per the report, the British Finance Ministry has shown firm disagreement with the parliament’s Treasury Committee recommendations. The committee asked the ministry to regulate retail trading and investment activities in unbacked cryptocurrencies as gambling and not as financial services.
Andrew Griffith, Britain’s financial services minister highlighted that treating crypto assets as gambling would push them at odds with European Union and Global regulators. However, this will also fail the attempts to mitigate risks from the crypto sector.
The parliament’s Treasury Select Committee has suggested to the ministry that Bitcoin (BTC), Ethereum (ETH), and other major unbacked cryptos need to be regulated. British lawmakers seem to be worried that placing the crypto sector under the lens of financial services. It is anticipated that this move will lead the users to think that it is safer than it is and can lose all of their money. Read More Crypto News Here…
Is Crypto Market A Gamble?
Griffith stated a system of gambling regulation would not address the risk incorporated as of the collapse of FTX. However, this will also run some different regulations to globally accepted recommendations from the biggest regulators. This includes guidance given by the International Organization of Securities Commissions (IOSCO) and the G20 Financial Stability Board (FSB).
The global crypto market is on a streak of printing green indexes as it cumulatively registered a surge of 1.17% on Thursday. Its total market cap stands at over $1.22 trillion.
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