Trading cryptocurrencies has been compared—seriously and jokingly—to high-stakes gambling. But earlier today the United Kingdom’s HM Treasury said it “firmly disagrees” crypto trading should officially be classified that way. In his rebuff, Economic Secretary to the Treasury Andrew Griffith said he worried such a declaration would drive crypto asset activity offshore. Instead, the UK is hoping that companies will “get ready to comply” with new FCA rules for the industry that go into effect in October.
Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax.
