UK: Private crypto services classified as gambling

Britain's Treasury Committee wants to classify retail crypto services as gambling. The committee demands this of the government in a report.

The UK Treasury Committee, in a May 17 published rapport on regulating retail trading in cryptocurrency as gambling. The report, prepared by a group of cross-party parliamentarians, argues that even crypto-assets like Bitcoin and Ether have "no intrinsic value." Moreover, they have "no useful, social purpose."

The use of cryptocurrencies at retail is more like a sports bet than an investment, he said. "We strongly recommend that the government regulate retail and investment activities in unsecured crypto assets as gambling rather than as a financial service,"

In the United Kingdom, work is underway on a reform of crypto regulations to provide "greater clarity" for consumers and businesses.

According to a rapport from the news portal The Telegraph, the British government is also considering giving local tax authorities (HMRC) powers to Confiscate cryptocurrencies from companies.