Lawmakers in the U.K. are divided on whether to treat crypto like gambling or financial services. camomileshumba reports
“The APPG supports the position of HM Treasury that cryptocurrency and digital assets are best regulated, in so far as is possible and appropriate, within existing and new financial services regulations, which has a track record in mitigating risks to consumers and investors,” the report said.
“I like people to pay tax when they make gains in the U.K. and it's very important that that's harnessed and that can only be achieved under the financial services regulation rather than gambling,” Cameron said. Winnings from gambling are not taxed, whereas gains on investments usually are, Diego Ballon Ossio, partner at law firm Clifford Chance’s London practice told CoinDesk in a statement.
The other reason that crypto should be treated like a financial service is so that the U.K. has commonalities with other jurisdictions when it comes to their financial services regulations, Cameron added at the event. Although global standard-setters are working on norms for crypto, individual jurisdictions have largely differed on their approach to regulating the sector. The U.K.’s immediate neighbor, the European Union,
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