Source · Select Committees · Treasury Committee
Fifteenth Report - Regulating Crypto
Treasury Committee
HC 615
Published 17 May 2023
Recommendations
6
Rejected
Regulate retail trading of unbacked cryptoassets as gambling, not a financial service.
Recommendation
We strongly recommend that the Government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’. (Paragraph 52) Regulating Crypto 19
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Government Response Summary
The government explicitly rejects the recommendation to regulate unbacked cryptoassets as gambling, stating it would be a fundamental departure from its intended approach which aligns with international standards for financial services.
HM Treasury
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