UK rejects cryptocurrencies as ‘gambling’

The UK’s Financial Services Minister Andrew Griffith has stated that treating crypto assets as a form of “gambling” will not reduce existing risks. Speaking in the British Parliament, Griffith said that the Treasury Committee, which is affiliated with the parliament, recommended in May this year that cryptocurrencies should be regulated as a form of gambling, but this was not accepted by the government. Responding to questions from the relevant commission members, Griffith argued that such a regulation would conflict with the UK’s other EU and global regulators and would not reduce the risks associated with these currencies.