Crypto ‘more closely resembles gambling than a financial service’, Treasury committee warns government
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City AM
City AM
By Chris Dorrell An influential group of lawmakers has argued that consumer cryptocurrencies should be treated like gambling in the government’s upcoming crypto regulations. In a new report on the crypto sector, MPs on the Treasury Select Committee concluded that retail trading in unbacked crypto “more closely resembles gambling than a financial serviceâ€. The MPs noted that the vast majority of cryptoassets are unbacked, arguing they have “no intrinsic value and serve no useful purposeâ€. The report also suggested that many of those investing in cryptoassets treated it as a speculative gamble. …