UK takes steps towards regulation of cryptocurrency
Cryptocurrency could be regulated in the UK, where many crypto casinos operate, after the publication of a new parliamentary report in the country.
A growing number of online casinos and sportsbooks in the UK now accept crypto deposits. One top crypto casino, Stake.com, even sponsors the Premier League football club Everton.
The UK has some of the most lax rules and regulations for the world of online gambling of anywhere on the planet, though it has been mulling over changes for some time. And cryptocurrency appears to be in the government’s sights following the release of a new report by the All Party Parliamentary Group (APPG) for Crypto and Digital Assets Group.
Led by Dr Lisa Cameron, the cross-party group of MPs and Lords has published a 52-page report, the first of its kind in the UK, titled Realising Government’s Vision for the UK To Become a Global Hub for Cryptocurrency & Fintech Innovation.
In the report, it is argued that cryptocurrency is not going away any time soon and therefore the sector will need to be regulated in order to protect consumers. Should regulation of crypto be introduced in the UK in the coming years, crypto casinos would be likely to be affected.
“Given the rapid growth of cryptocurrency and digital assets, the timing of this report is vital to protect consumers whilst ensuring the UK’s leadership in this sector can be realised,” Dr Cameron said in a statement released alongside the publication of the report.
The cryptocurrency industry in the UK has welcomed the new report, with trade body for the crypto industry CryptoUK praising the government for producing a “holistic” view of the sector.
The body’s Ian Taylor said: “We acknowledge the concerns about the readiness of the current regulatory governance regime, and fully support the work needed to ensure this is robust, fit-for-purpose and enables the industry to realise its full potential whilst operating effectively and safely.” The CryptoUK board advisor went on to note cryptocurrency represents a “tremendous opportunity” for the UK’s “economy and reputation as a leader in financial innovation”.
The APPG’s report was also acknowledged by the decentralised blockchain infrastructure node provider Gateway.fm, whose co-founder noted the difference in the approach to cryptocurrency that has been taken by the UK government compared to counterparts around the world.
“A core strand of the report revolves around consumer protection, framed as a critical success factor for the UK’s crypto hub ambitions,” said Igor Mandrigin.
Data released by the Financial Conduct Authority recently revealed that crypto ownership more than doubled in the UK during the course of 2022.
