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UK Authorities Dismiss Suggestions to Tag Crypto as Gambling


The UK government has rejected a proposal to classify crypto as gambling.

The government argued that such classification would create a misalignment with global standards.

This proposal was made by lawmakers who aimed to regulate crypto like gambling, but the government stated that its existing proposals are more effective.

The rejection by the UK government implies that they do not see crypto assets as equivalent to gambling.

This decision reflects the government’s stance on the regulation of crypto assets and its belief that existing measures are sufficient to address any concerns related to crypto trading.

A Break Down

Yesterday July 19, Andrew Griffith, the Economic Secretary to the Treasury responded to the concerns of the committee.

He stated that making such a regulation will not comply with the global standards.

He further explained that the proposal if adhered to can drive cryptocurrency transactions offshore and at the same time fail totally to handle some risks like improper disclosures or market manipulation

According to the report, “a financial services regulatory structure will be more beneficial in handling the risks which are related to unsupported cryptocurrency assets as well as building the atmosphere for secure innovations.”

The government also made an official statement that displays new progress which has been made in the cryptocurrency regulations.

These regulations comprise of laws which prohibits misleading adverts as well as the success achieved by approving the FSMB (Financial Services and Markets Bill)

According to the government authorities, by the later part of this year, the Financial services and Markets Bill will be enforced.

Read Also: Cryptocurrencies and NFTs are taxed in Namibia

Did this Affect the Crypto Market?

Since cryptocurrencies are subject to several factors like negative public sentiments and many others, many crypto enthusiasts are keen to know if this news event could affect the crypto market.

Today, the price of Bitcoin is at $29,667.93 with an increase in market cap by 0.10% and its trading volume up by 711.74%.

Ethereum is also trading at $1,888.96, with a decline in market cap by 0.16% but an increase in trading volume by 74.09%.

Litecoin trades at $92.15 with a increase in market cap and 24-hour trading volume by 0.79% and 15.02% respectively.

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