TORONTO--(BUSINESS WIRE)--Jun 22, 2023--

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Consumer cryptocurrency trading should be regulated as gambling, the treasury committee has urged. In a new report, the committee called for consumer trading in unbacked crypto assets to be treated in regulation as gambling. The cross-party committee of MPs said cryptocurrencies such as Bitcoin are being used by criminals in scams and money laundering. Unbacked crypto assets – often called cryptocurrencies – are not supported by underlying assets, the committee added. They pose significant risks to consumers, given their price volatility and the risk of losses, according to the MPs, who said retail trading in unbacked crypto more closely resembles gambling than a financial service and should be regulated as such. The report said: “We strongly recommend that the government regulates retail trading and investment activity in unbacked crypto assets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’.” The committee pointed to HM Revenue and Customs (HMRC) figures indicating that around 10 per cent of UK adults hold or have held crypto assets. The MPs also said potential productive innovation in financial services should not be unduly constrained. They said technologies underlying crypto assets may bring some benefits to financial services, particularly for cross-border transactions and payments in less developed countries. A balanced approach should be taken to supporting the development of crypto asset technologies, while avoiding spending public resources on projects without a clear, beneficial use, the MPs said. Harriett Baldwin, chair of the treasury committee, said: “The events of 2022 have highlighted the risks posed to consumers by the crypto asset industry, large parts of which remain a wild west. “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry. “However, with no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like Bitcoin more closely resembles gambling than a financial service, and should be regulated as such. “By betting on these unbacked ‘tokens’, consumers should be aware that all their money could be lost.” The committee is considering central bank digital currencies as a separate piece of work. A treasury spokesperson said: “Risks posed by crypto are typical of those that exist in traditional financial services and it’s financial services regulation – rather than gambling regulation – that has the track record in mitigating them. “Crypto offers opportunities but we are taking an agile approach to robustly regulating the market, addressing the most pressing risks first in a way that promotes innovation.” Read More Crypto rules get final approval to make Europe a global leader on regulation Is my money safe? What you need to know about bank failures Nearly 80% of APP scam cases start online, says UK Finance Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live

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Scientists are raising concerns about a supervolcano in Italy which is “on the brink” of erupting for the first time since 1538. Campi Flegrei, also known as Phlegraean Fields, is an area of supervolcanic calderas in Naples, Italy. If it did erupt again, it could plunge the world into a global winter. An eruption of the scale last seen in 1538 would also result in 100-feet tsunamis and the expulsion of volcanic gases into the stratosphere. The results would kill wildlife and crops across the world, and the possible impacts have been explored in the new journal Communications Earth & Environment. Sign up to our free Indy100 weekly newsletter There’s been an increase in the number of earthquakes in the surrounding area over recent times, which has proved concerning viewing for scientists. New research was undertaken by members of Italy’s National Institute of Geophysics and Volcanology (INGV) and University College London (UCL). "Our new study confirms that Campi Flegrei is moving closer to rupture,” said lead author Professor Christopher Kilburn (UCL Earth Sciences). Mauro Antonio Di Vito, director of the INGV’s Vesuvius Observatory, expressed concern about the evacuation from the local area. He added: "These areas have been urbanised without considering the fragility. Buildings need to be better structured and we need a cultural change to really encourage people to do this." Stefano Carlino, also of Vesuvius Observatory, added: "It's the same for all volcanoes that have been quiet for generations. Campi Flegrei may settle into a new routine of gently rising and subsiding, as seen at similar volcanoes around the world, or simply return to rest. "We can't yet say for sure what will happen. The important point is to be prepared for all outcomes." Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.