LIVEThe United Kingdom could potentially regulate cryptocurrencies similarly to gambling, according to critics. If UK lawmakers were to follow their approach, the industry could soon be subject to regulations akin to those imposed on casinos.
A recent report from a parliamentary group outlined clear risks associated with unsupported cryptocurrencies, highlighting their lack of intrinsic value and extreme price volatility.
These findings suggest that users experience significant gains or losses, resembling gambling more than a financial service.
"We are concerned that regulating investment activity and retail transactions involving unsupported cryptocurrencies as a financial service would create a 'halo' effect, leading users to believe that the activity is safer or protected when it is not"
