Crypto trading is akin to gambling and should be regulated as such, UK lawmakers have claimed in a newly published report.
It argued the price volatility and lack of intrinsic value mean unbacked crypto assets will “inevitably pose significant risks to consumers.”
“We are concerned that regulating retail trading and investment activity in unbacked cryptoassets as a financial service will create a ‘halo’ effect that leads consumers to believe that this activity is safer than it is, or protected when it is not.” Graph used by the Committee as evidence of crypto’s volatility. Source: Yahoo Finance, U.K. Parliamentfrom Dr. Larisa Yarovaya, an associate professor from the University of Southhampton, who said crypto exchanges, online trading platforms and other crypto-asset businesses should be regulated with the same stringency as crypto speculation “can be addictive.”
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