Well, it is no news about the regulation. The U.k SEC initially got assent from The King of England, to allow cryptocurrencies be used for payments and as it has always been used, but it has to be regulated.
I see it as a better option, compared to Kuwait's government which just banned the use of anything cryptocurrency. I don't need to hammer on the penalty anyone found would have to face. Their reason is simply that it is being used for money laundering. The country is doing well economically compared to other Arab countries in the region.
Although the idea of cryptocurrency is to operate on a decentralized network, the major challenge it faces now, is that of regulation.
Most countries are indifferent about it and have adopted it like El Salvador, some simply want to restrict it, to tax it, to gain from it, others just want to stop it because criminal minds use it to launder money.
Whatever be the reasons, am sure we will get to know how well the regulation has been effective.
Topic: Crypto as Gambling: The UK government has laid to rest the controversial bill - page 2. (Read 218 times)
July 21, 2023, 12:39:05 PM
July 21, 2023, 12:20:36 PM
As we know, a panel of the UK House of Common Treasury Committee on May 17 proposed retail cryptocurrency trading and investment to be regulated as gambling as they viewed it as “same risk, same regulatory outcome.” I later threw this on board, and I was encouraged as people overwhelmingly disagree on this.
Since it's a mere proposal, yesterday, the Treasury's Economic Secretary Andrew Griffith blatantly rejected it as he “firmly disagrees” with the stance of the committee.
Some of the considerations of the government are:
1. The controversial proposal could cause conflicts of mandates between the Gambling Commission and Financial regulators.
2. It's odd and a deviation from global recommendations and stance on cryptocurrency trading.
The government however iterated its commitment to crypto regulation, and with the look of things, it would be regulated like other trading assets in the financial market, but with little alteration.
Personally, I don't know why this should be an issue from the beginning as cryptocurrency is an asset which should be treated as such in both payments, trading and investment regulations.
https://www.reuters.com/world/uk/britain-rejects-call-regulate-crypto-gambling-2023-07-20/
https://cointelegraph.com/news/crypto-uk-rejects-regulating-crypto-gambling
Since it's a mere proposal, yesterday, the Treasury's Economic Secretary Andrew Griffith blatantly rejected it as he “firmly disagrees” with the stance of the committee.
Some of the considerations of the government are:
1. The controversial proposal could cause conflicts of mandates between the Gambling Commission and Financial regulators.
2. It's odd and a deviation from global recommendations and stance on cryptocurrency trading.
The government however iterated its commitment to crypto regulation, and with the look of things, it would be regulated like other trading assets in the financial market, but with little alteration.
Personally, I don't know why this should be an issue from the beginning as cryptocurrency is an asset which should be treated as such in both payments, trading and investment regulations.
https://www.reuters.com/world/uk/britain-rejects-call-regulate-crypto-gambling-2023-07-20/
https://cointelegraph.com/news/crypto-uk-rejects-regulating-crypto-gambling
Jump to: