UK is preparing to regulate the cryptocurrency market following calls from the Treasury Committee in the House of Commons to apply similar rules to gambling on these assets. The British Treasury has strongly rejected classifying cryptocurrencies as gambling, emphasizing that financial regulation is the most suitable approach to address associated risks and foster innovation securely.
These stances align with the UK’s ambitions to become a global hub for cryptocurrencies, reflecting the role this technology plays in enhancing efficiency in financial markets and payment processes. However, the government is working to regulate cryptocurrency-related activities in a balanced manner, supporting innovation and technological advancements in this field.
Furthermore, the government plans to establish experimental trading environments to test blockchain technology, contributing to making the financial market more “efficient, resilient, and transparent.”
These steps aim to strengthen the UK’s position as a global center for cryptocurrencies, striking a balance between regulation and innovation to drive economic growth and achieve efficiency in this rapidly expanding sector.
