Britain rejects call to regulate crypto as gambling

Treating cryptoassets as a form of gambling would put Britain at odds with global and European Union regulators and fail to mitigate risks from the sector, Britain’s Financial Services Minister Andrew Griffith said on Thursday.

Highlights

• Treating cryptoassets as a form of gambling would put Britain at odds with global and EU regulators, minister says.
• Treating the sector as a financial service would lead to consumers thinking it is safer than it is, he says.
• Britain wants to become a global hub for crypto and its related blockchain technology, and is already working on rules for the sector.
• Buying or selling cryptocurrencies is not classified as gambling by the UK’s Gambling Act, a spokesperson for the country’s gambling watchdog said.
• The EU has approved the world’s first set of comprehensive rules for trading cryptoassets that will come into force from mid 2024 onwards.
• Purchasing or selling coins is not classed as gambling.

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