Embattled office-sharing firm WeWork on Tuesday warned US regulators that it is worried...

Consumer cryptocurrency trading should be regulated as gambling, the treasury committee has urged. In a new report, the committee called for consumer trading in unbacked crypto assets to be treated in regulation as gambling. The cross-party committee of MPs said cryptocurrencies such as Bitcoin are being used by criminals in scams and money laundering. Unbacked crypto assets – often called cryptocurrencies – are not supported by underlying assets, the committee added. They pose significant risks to consumers, given their price volatility and the risk of losses, according to the MPs, who said retail trading in unbacked crypto more closely resembles gambling than a financial service and should be regulated as such. The report said: “We strongly recommend that the government regulates retail trading and investment activity in unbacked crypto assets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’.” The committee pointed to HM Revenue and Customs (HMRC) figures indicating that around 10 per cent of UK adults hold or have held crypto assets. The MPs also said potential productive innovation in financial services should not be unduly constrained. They said technologies underlying crypto assets may bring some benefits to financial services, particularly for cross-border transactions and payments in less developed countries. A balanced approach should be taken to supporting the development of crypto asset technologies, while avoiding spending public resources on projects without a clear, beneficial use, the MPs said. Harriett Baldwin, chair of the treasury committee, said: “The events of 2022 have highlighted the risks posed to consumers by the crypto asset industry, large parts of which remain a wild west. “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry. “However, with no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like Bitcoin more closely resembles gambling than a financial service, and should be regulated as such. “By betting on these unbacked ‘tokens’, consumers should be aware that all their money could be lost.” The committee is considering central bank digital currencies as a separate piece of work. A treasury spokesperson said: “Risks posed by crypto are typical of those that exist in traditional financial services and it’s financial services regulation – rather than gambling regulation – that has the track record in mitigating them. “Crypto offers opportunities but we are taking an agile approach to robustly regulating the market, addressing the most pressing risks first in a way that promotes innovation.” Read More Crypto rules get final approval to make Europe a global leader on regulation Is my money safe? What you need to know about bank failures Nearly 80% of APP scam cases start online, says UK Finance Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live

Asian markets drifted Wednesday as traders tracked a tepid lead from Wall Street following meeting minutes showing Federal Reserve officials were inclined to keep interest rates elevated for "some...

Philippine inflation quickened in August on higher rice prices, snapping six straight months of deceleration and giving reason

The European Union’s executive arm is preparing to recommend starting membership talks with Ukraine in earnest, offering a

Carlson slams mainstream media and said anyone who tries to tell the truth 'will be fired'

Turkey's central bank on Thursday surprised the market with a larger-than-expected interest hike as it ramped up its fight against inflation and efforts...

MEXICO--(BUSINESS WIRE)--Sep 5, 2023--

More than a century after the U.S. started selling oil leases on public lands, the Biden administration is seeking to let conservationists lease government property to restore it

By Rodrigo Campos NEW YORK Argentines will on Sunday move a step closer to deciding who will run

Night trains have made a comeback in Europe thanks to their low-carbon footprint, but after years of neglect, the renaissance...

By Daniel Wiessner REI, the camping and outdoor sports equipment retailer, was accused on Wednesday of dozens of