Cryptocurrency advocacy group CryptoUK has criticized the UK Parliament’s Treasury Select Committee’s proposal to regulate cryptocurrency trading as gambling.
The advocacy group called them “unhelpful, false, fundamentally flawed and unsubstantiated.” CryptoUK said the Treasury select committee statement failed to reflect the true nature, purpose and potential of the crypto industry.
Bitcoin, ethereum and other cryptocurrencies should be regulated as gambling given the substantial risk they pose to consumers, a group of British lawmakers said in a report.