Treat crypto investing as gambling, says Treasury Committee

The UK Treasury Committee has proposed to bring the trading of cryptocurrencies under existing gambling regulations, claiming that digital assets including bitcoin and ether offer “no intrinsic value and serve no useful social purpose, while consuming large amounts of energy and being used by criminals in scams, fraud and money laundering”. In an extensive report filed to the House of Commons, the cross-bench committee, which exerts influence on policy, administration and spending, concluded that “cryptocurrencies pose significant risks to consumers, given their price volatility and the risk of losses.