Government’s Intentions to Regulate Cryptocurrencies Stir Disagreement Among UK Lawmakers

• Opinions Vary: U.K. lawmakers have varying opinions on the appropriate regulatory approach for cryptocurrencies in the country.
• House of Commons Treasury Select Committee: This group recommended treating cryptocurrencies similarly to gambling due to their perceived lack of intrinsic value and significant price volatility.
• All Party Parliamentary Group (APPG): This group released a report supporting the government’s proposal to regulate cryptocurrencies as financial services.

Opinions Vary Among UK Lawmakers

Opinions among U.K. lawmakers vary regarding the appropriate regulatory approach for cryptocurrencies in the country. While some lawmakers draw comparisons between crypto and gambling, others show support for the government’s initiatives aimed at integrating digital assets within the existing framework of financial services regulation.

House of Commons Treasury Select Committee Suggests Crypto Regulation Like Gambling

In the past month, the House of Commons Treasury Select Committee, comprised of 11 members of Parliament, recommended treating cryptocurrencies similarly to gambling due to their perceived lack of intrinsic value and significant price volatility. This suggestion was met with immediate opposition from the crypto industry and has also faced resistance from other lawmakers.

All Party Parliamentary Group (APPG) Supports Government’s Proposal

Conversely, an All Party Parliamentary Group (APPG) for crypto assets, consisting of 15 members of Parliament and Lords, released a report on Monday supporting the government’s proposal to regulate cryptocurrencies as financial services. During an event commemorating the release of the APPG’s crypto inquiry report, Lisa Cameron, the Chair