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Haydn Jones Global Lead of Blockchain and Crypto solutions at Kroll, commented on yesterday’s Treasury Committee report:
“Cryptocurrency is a very broad term and there are currently over 24,000 different cryptocurrencies, encompassing a whole variety of stablecoins, utility tokens, NFTs, securities, funds, and central bank issued digital currencies. Some of these are already being treated as viable investible assets and crucially meet the regulatory requirements for compliant trading. In contrast, gambling involves placing a bet on a single or connected event, the odds providing an indication of the likely outcome. Despite the many criticisms levelled at cryptocurrencies, they operate via traded markets similar to FX or equities, which is very different from what happens in gambling.
“Regulators around the world, including in the EU, Switzerland and the UAE have developed sophisticated frameworks to deal with these assets. This is an important step if we want the UK to benefit from the technology underlying crypto, which is already being built upon to explore new forms of tradable assets and securities that make use of the efficiencies that digital asset technology creates. It is positive to see that underlying potential recognised in the report.”
