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24 May 2023
How should crypto be regulated?
The Treasury Committee’s calls for digital currencies to be regulated in the same way as the gambling industry have faced major backlash among cryptocurrency leaders.
In an article for CityAM, solicitor Ludovico Lugnani criticises the TSC’s proposal as ‘oversimplifying a complex issue’ and highlights the need for a more comprehensive and nuanced approach to the regulation of digital assets:
‘Crypto is the foundation of several ground-breaking technological applications, including Decentralised Finance, Smart Contracts and Non-Fungible Tokens. A regulatory framework designed for gambling may not be equipped to nurture these aspects of the industry. Rather than a radical shifts to gambling regulation, we need a more comprehensive and nuanced approach to financial regulation. Such an approach would not only provide robust consumer protection but also foster sustainable growth within the industry.’
The full article is available to read in the CityAM e-magazine.