UK politicians calling for more strict regulation on the crypto industry
Recent statements of UK MPs confirmed that they will bring more high strict laws against the crypto industry to ensure the protection of the investors.
At present, crypto adoption is at its peak over the whole history of the crypto industry. All developed and developing countries are moving toward the crypto industry to generate passive income. If we talk about the density of the investors in crypto from developed countries, then this number is small over developing countries but the amount of money invested in total is more than developing countries’ investors in this space. These are clear indications that regulators need to bring better laws and strict regulations on this industry so that not only they can ensure the safety of the users but also can stop the flow of money between countries.
According to the latest reports, the majority of the politicians in the UK raised their voices against the crypto industry and called for more regulation on this industry.
Ministers of Parliament urged to put the Crypto industry under the gambling section in the upcoming government review of the 2005 Gambling Act.
Right now, rules on the crypt industry are very low in the UK and these rules are enough to regulate illicit activities like money laundering. But advertisements on crypto-related projects are under the radar of the UK advertisements watchdog. Recently UK advertisement authorities chided UK football team Arsenal FC and Floki Inu, for their collaboration to promote meme coin Floki.
Before this, the UK football team Arsenal FC was brought to advertise Fan tokens and promotion of NFTs, few officials of the UK raised their voices against such activities because few people lost money.
Labour Party politician Matt Zorb-Cousin said that the club is promoting gambling tokens and such kinds of activities may ruin the life of people.
Matt said:
“It’s one thing for football clubs to market gambling to fans, which could lead to people destroying their lives as a consequence, but I think it’s on another level, it’s even worse to be offering a way into cryptocurrency through the pretense of empowering them in an effectively unregulated are.”
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