British Treasury Secretary Andreq Griffith talked about cryptocurrency regulation.
The minister, who did not accept the statements of the regulators that cryptocurrencies and the crypto industry are a gamble, stated that he is against the regulation of the industry like a gambling industry.
“I do not agree with the calls of lawmakers that see the crypto industry as a gambling industry and that it should be regulated accordingly.”
Griffith is one of the politicians striving to make the UK a cryptocurrency paradise. The minister is also known to have stakes in crypto-backed mutual funds.
The text published by the Ministry of Treasury included the following statements:
“The government strongly disagrees with the Committee's recommendation that “Government should regulate investment activities in crypto assets as gambling rather than a financial service”.
Initial findings and statements regarding the reasons for the recent failure of FTX are due to (i) mixing of client and firm assets, (ii) lack of transaction documents, (iii) insufficient information controls and cybersecurity, (iv) unmanaged between the main trading platform and the proprietary trading arm. points to conflicts of interest (v) lack of financial and risk management capabilities (vi) deficiencies in corporate governance and (vii) excessive leverage.
A single gambling regulation system is unlikely to address these risk factors. It will also not be equipped to deal with insider trading, market manipulation, predatory short selling, and many other behaviors that can manifest in both crypto-asset markets and traditional financial services markets.”
