Ministers of Parliament and other campaigners in the United Kingdom are urging more regulation of bitcoin assets.
According to the MPs, cryptocurrency should be included in the next government review of the 2005 Gambling Act. Crypto assets are governed by limited legislation in the United Kingdom. The Advertising Standards Authority (ASA) has scolded Arsenal FC and Floki Inu for their advertisements.
Arsenal FC has been chastised for pushing fan tokens, which allow owners to influence team choices. Concerns have been raised regarding consumers losing money due to NFTs promoted by football stars such as Wayne Rooney and John Terry.
“It’s one thing for football clubs to sell gambling to fans, which might lead to people ruining their lives,” Matt Zorb-Cousin, a former advisor to Labour Party lawmaker Jeremy Corbyn, said. “But, in my opinion, it’s even worse to sell away into bitcoin under the premise of empowering them in an effectively uncontrolled environment,” Matt continued.
The Financial Conduct Jurisdiction, the UK’s financial watchdog, now has the authority to oversee crypto assets only if anti-money laundering or terrorism funding rules are broken. They hope to gain more authority to investigate the bitcoin business.
“At the FCA, we have frequently cautioned against the risks of holding speculative tokens,” remarked Charles Randall, the FCA’s chair, in September 2021 at the Cambridge International Symposium on Economic Crime.
“To be clear,” he stated, “the FCA does not regulate these tokens.” He also indicated that the FCA would not impose stringent regulations because its primary focus is on criminal behavior and investor protection.
Coinpass, a cryptocurrency exchange, was just approved by the FCA to operate as a crypto assets company.
