Kraken, UK trade body derides lawmaker description of crypto as ‘gambling’

The particular level to which crypto would be regulated “as gaming” has not been defined by the Treasury; however, the report recommended enforcing strong guideline and standards relating to customer defenses, Anti-Money Laundering and terrorism financing.Magazine: Cryptocurrency trading addiction– What to look out for and how it is treated

Self-regulatory organization CryptoUK and crypto exchange Kraken have knocked a recent report from a panel of British legislators that recommended crypto should be managed in a comparable vein to gambling.In a May 17 report, the House of Commons Treasury Committee “highly advised” that unbacked crypto be managed as gambling due to issues over the “considerable” customer risks associated with the property class, such as price volatility and lack of intrinsic value.” The organization likewise suggested that such a method may eventually lead to customers in the United Kingdom looking for overseas crypto platforms to engage with, which it feels is” completely against the goal of securing these customers through regulation.” Related: UK financial guard dog reveals examinations against sites with believed illegal crypto ATMs” Its regrettable the committee does not support the chance the UK has to be a real international leader in our quickly developing industry,” the company said, including:” The committees suggestion that crypto assets need to be regulated as gaming items is misdirected and completely unsuitable for UK customers.