CryptoUK and Kraken UK condemned the Treasury for calling on crypto to be regulated like gambling, as they questioned how that would actually protect consumers.
In a May 17 statement shared with Cointelegraph, CryptoUK argued that “taking this approach will not take into account the nuances of the sector and the real opportunities for inward investment and growth for the UK economy as a whole,” adding that:
The organization also suggested that such an approach may ultimately lead to U.K. consumers instead looking for offshore crypto platforms to engage with, which it feels is “ wholly against the objective of protecting these consumers through regulation.” “It’s regrettable the committee does not support the opportunity the UK has to be a true global leader in our rapidly developing industry,” the firm said, adding:
It argued that not only does it"miss the purpose and potential of the technology," but noted that gambling protections don't offer the same safeguards as financial services regulations.
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