MPs urge UK government to take regulatory action on the crypto industry

Members of Parliament (MPs) in the UK have called on the UK government to consider regulating cryptocurrencies and the crypto industry.

The UK’s Treasury Department is said to be preparing its response to a 2020 consultation regarding how best to regulate the cryptocurrency market. “We are taking action to protect consumers in response to the development of certain crypto assets”, it said.

“This includes consulting on proposals to ensure crypto-asset promotions are fair, clear, and not misleading and that crypto assets meet the same high standards expected of other payment methods.”

Meanwhile, it has been suggested that cryptocurrency regulation is looked at as part of the current review of the Gambling Act.

In December, the Advertising Standards Authority banned seven companies from displaying crypto advertisements for the improper use of advertising the risks of investing.

Cryptocurrencies and non-fungible tokens (NFTs) have been a growing concern for the government through the latter of 2021, and now into 2022.

Recently, the Professional Footballers’ Association (PFA) set up specific training courses to deal with crypto use in the union’s wellbeing department. There have been fears that the spike in interest in cryptocurrencies would cause players to ‘lose all of their money’.

It seems the Financial Conduct Authority (FCA) has got on board in making sure of its involvement in gaining the additional powers to investigate the crypto sector.

Safer gambling campaigner Matt Zarb-Cousin was reported as having said: “It is one thing for football clubs to market gambling to fans, which could lead to people destroying their lives as a consequence, but I think it’s on another level.

“It’s even worse to be offering a way into cryptocurrency through the pretence of empowering them in effectively a completely unregulated area. There’s clearly massive issues that are being stored up.”

Conservative MP Richard Holden also stated: “It is the Wild West, this grey area between highly leveraged financial investments on the one hand and these products which could quite easily and sensibly be considered gambling. There needs to be a clear differentiation there in order to protect people.”

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Updated: 01/10/2022 — 10:00