Crypto retail trading should be regulated as gambling: UK lawmakers

The trading of so-called “unbacked cryptoassets” such as Bitcoin (

Including chair Harriet Baldwin, who once served as the Economic Secretary to the Treasury, the Committee consists of a total of 11 members of parliament from the Labor and Conservative parties as well as the Scottish National Party.

The committee said it had launched its inquiry into the crypto industry in July 2022 to explore the role of cryptoassets in the U.K.

Research conducted by His Majesty’s Revenue and Customs (HMRC) — the nation’s tax authority — last year revealed 10% of U.K. citizens hold or have held crypto with more than 55% having never sold any.

Chainalysis ranked the United Kingdom 17th in its 2022 crypto adoption index.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom