• About Us
  • Careers
  • Contact
No Result
View All Result
Thursday, June 26, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

Stakeholders Slam British Legislators’ Recommendation to Regulate Cryptocurrencies as Gambling

18 May 2023
in Latest News, News
Reading Time: 3 mins read
105 3
Home News Latest News

A recent report by British legislators recommending the classification of cryptocurrencies as gambling has been the subject of fierce criticism from stakeholders in the UK cryptocurrency industry. 

The House of Commons Treasury Committee released the report on May 17, 2023, in which it proposed regulations similar to those applied to the gambling industry because of the perceived risks associated with cryptocurrencies. The committee recommended that cryptocurrency regulation be based on the principle of “same risk, same regulatory outcome.”

CryptoUK and Blair Halliday, Kraken’s managing director, are among the prominent voices in the local crypto community that have expressed their disappointment with this proposal. 

CryptoUK, in a statement released on the same day, disagreed with the classification of unbacked cryptocurrencies as gambling. They argued that this approach fails to consider the nuances of the sector and the potential benefits it brings to inward investment and overall economic growth in the UK. 

‘CryptoUK strongly disagrees with the@CommonsTreasury conclusions, and we are both concerned and disappointed by these claims which are unhelpful, false, fundamentally flawed and unsubstantiated.’

Full CryptoUK response statement👇🏽https://t.co/3s9NLgoLAk

— CryptoUK (@CryptoUKAssoc) May 17, 2023

CryptoUK also pointed out that no other international jurisdiction has adopted such a strategy and emphasized the importance of adopting a customized and tailored regulatory approach to prevent the UK from becoming an unfavorable business environment. They warned that implementing the proposed strategy could lead UK customers to seek interaction with offshore cryptocurrency platforms, contradicting the objective of consumer protection through regulation.

Halliday tweeted his disagreement with the Treasury’s assertion that cryptoassets lack intrinsic value; He criticized the committee’s suggestion to regulate crypto assets as gambling products, considering it misguided and inappropriate for UK consumers. 

We fundamentally disagree with the Treasury Select Committee’s conclusion that cryptoassets have no intrinsic value. It’s regrettable the committee does not support the opportunity the UK has to be a true global leader in our rapidly developing industry.

A thread 🧵

— Blair Halliday (@BSHalliday) May 17, 2023

Halliday also expressed regret over the committee’s lack of support for the UK’s potential to become a global leader in the evolving cryptocurrency industry.

Both CryptoUK and Halliday raised concerns about potential repercussions if cryptocurrency trading is classified as gambling, including the potential loss of capital gains tax. They believe that this approach fails to understand the purpose and potential of the technology and falls short of providing the same level of security as the laws governing traditional financial services.

While the report also recommended stringent regulations to protect consumer rights and address concerns about Anti-Money Laundering (AML) and terrorism financing, the Treasury has not determined the specific extent to which cryptocurrency will be regulated within the gambling framework.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

 

 

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: Crypto RegulationGamblingUK
Share62Tweet39Share11
Previous Post

The AI Renaissance: How Generative AI is Shaping the Future of Technology

Next Post

Westpac Launches Trial of Scam Prevention Tools to Tackle Cryptocurrency-Related Fraud

Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

Related Posts

source: x.com
News

IMF’s Bo Li Flags Key Regulatory Gaps in Global Stablecoin Race

25 June 2025
source: slowmist.medium.com
Crime

Cork Protocol Exploiter Resurfaces, Launders $11M and Donates to Tornado Cash Defense Fund

25 June 2025
source:  coinspaidmedia.com
Business

DeLorean Launches $DMC Token as It Accelerates Into Web3 and EV Markets

25 June 2025
source: fintechnews.ch
News

BIS Slams Stablecoins in Annual Report, Questions Their Role as Real Money

25 June 2025

Featured Posts

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

byOlajumoke Oyaleke
15 June 2025
0

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

byOlayinka Sodiq
12 June 2025
0

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

byOlayinka Sodiq
10 June 2025
0

What Is Price Slippage in Crypto & How Can You Avoid It

What Is Price Slippage in Crypto & How Can You Avoid It

byOlayinka Sodiq
4 June 2025
0

The Rise of Decentralized Identity Solutions in DeFi

The Rise of Decentralized Identity Solutions in DeFi

byOlayinka Sodiq
20 October 2024
0

Read More

Chain of Thoughts

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Is Tokenization All That It’s Cracked Up To Be?

Is Tokenization All That It’s Cracked Up To Be?

byOlu Omoyele
26 February 2025
0

...

Markets Update

First XRP ETF Approved on Toronto Stock Exchange— Is This a Green Light for XRP ETF Approvals in More Countries?

2 days ago

Your Weekend Crypto Roundup | June 2025 (Week 3)

6 days ago

Your Weekend Crypto Roundup | June 2025 (Week 2)

2 weeks ago

Your Weekend Crypto Roundup | June 2025 (Week 1)

3 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 5)

4 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 4)

1 month ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Deribit and SignalPlus Launch “The Summer Chase” Trading Competition 2025 Featuring a $300,000+ USDC Prize Pool

    bychainwire
    26 June 2025
    0

    Neo Pepe $NEOP Presale Passes $2M Raised with Stellar CertiK Audit

    bychainwire
    25 June 2025
    0

    Zama Raises $57M in Series B to Bring End-to-End Encryption to Public Blockchains

    bychainwire
    25 June 2025
    0

    Gelato and Morpho Partner To Offer Embedded Crypto-Backed Loans for Wallets, Brokers, and Fintech Apps

    bychainwire
    25 June 2025
    0

    GSR Launches Enhanced Systematic OTC Platform, Expanding FX Capabilities and Asset Coverage

    bychainwire
    25 June 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverses
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00