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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

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Newcastle suffered late Champions League heartbreak as Kylian Mbappe’s last-gasp penalty denied them a famous victory over Paris St Germain. The Premier League side, who won the reverse fixture 4-1, were heading for a memorable night in the French capital after Alexander Isak’s first-half goal. They were on the way to securing the three points which would have put qualification to the knockout stage into their own hands until Mbappe stepped up from the spot in the eighth minute of added time. The draw means it will be PSG who progress if they better Newcastle’s result in the final Group F game in a fortnight. Borussia Dortmund wrapped up top spot in the group with a 3-1 win over AC Milan. Manchester City came from 2-0 down to beat RB Leipzig 3-2 and assure themselves top spot in Group G. The reigning champions were staring defeat in the face after a first-half double from Lois Openda. But Erling Haaland got one back nine minutes into the second half, with Phil Foden drawing them level before Julian Alvarez won it with three minutes left. Both teams have already qualified, but Young Boys put themselves in pole position to go into the Europa League after beating Red Star Belgrade 2-0. Goals from Joao Cancelo and Joao Felix earned Barcelona a 2-1 win over Porto to take control of Group H. The Portuguese side took the lead when former Real Madrid defender Pepe scored in the first half, but their qualification fate will go down to the final game, with Shakhtar Donetsk also on nine points after they beat Royal Antwerp 1-0. Celtic crashed out of Europe for the season after a late double by substitute Ciro Immobile gave Lazio a 2-0 win in Rome. The Hoops went into the make-or-break game with one point from four Group E matches but gave as good as they got for most of the contest before the home side’s veteran attacker struck in the 82nd and 85th minutes to sink the Scottish champions. Celtic remain bottom of the section and cannot catch Lazio, Atletico Madrid or Feyenoord. Atletico beat the Dutch side 3-1 to remain top of the group. Read More Newcastle denied Champions League win after controversial Kylian Mbappe penalty Phil Foden inspires Manchester City fightback in win over RB Leipzig Beth Mead ‘smiling like a Cheshire cat’ on England return Rodrigo Bentancur set to be out until February after tearing an ankle ligament Jimmy Floyd Hasselbaink wants aspiring black managers to get ‘a fair chance’ Ronnie O’Sullivan reels off six successive frames to advance at UK Championship

MEMPHIS, Tenn.--(BUSINESS WIRE)--May 19, 2023--