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The volatility and purported lack of intrinsic value of most crypto assets make it particularly risky for consumers, the politicians claimed. The trading of so-called “unbacked cryptoassets” such as Bitcoin (BTC) and Ether (ETH) should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report.  The United Kingdom is currently working on a crypto regulatory framework that would mix existing financial asset laws with new crypto-specific rules. However, in a May 17 House of Commons Committee report, the U.K. Treasury Committee “strongly recommended” regulating retail crypto trading and investment activity as gambling, consistent with the principle of “same risk, same regulatory outcome.” Published today We’ve just published our report on cryptoassets, setting out our recommendations for the Government’s approach to regulating this market. Learn more and read the report in full https://t.co/CK7CVH2pQ1 pic.twitter.com/GvDQfiGhPU — ...

UK Tax Dept Aims DeFi Lending & Staking In accordance with current regulations, DeFi transactions may be viewed as disposals and accounted as sales or gifts by crypto lenders or yield generators like liquidity providers even when the asset’s ownership remains unchanged. advertisement Read More: US Sen. Ted Cruz Reveals Bitcoin Investment Strategy, Declares Ultra-Bullish Outlook According to the document that was used for the consultation, this can result in “tax outcomes that do not reflect the underlying economic substance”, as well as a tax liability resulting from a “transaction in which no gain has been realized in a form that can be used to meet the liability”. Growing Scrutiny Over Crypto Failures The World’s first licensed Crypto Casino. Begin your journey with 20% cashback up to 10,000 USDT. Trending Stories SOL Pric...