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The agency believes that consumer trading in cryptocurrencies is more like betting with a bookmaker than investing. The most popular digital assets do not differ in the content of internal values. They also don't have a useful social purpose.
At the beginning of the year, the Treasury also gave recommendations to the government, where it required strict regulation. The report expressed concern that the regulation of retail trade in cryptocurrencies as fin. services can provoke the illusion of a "halo". Users may consider that this area is completely safe enough and has no risks.
According to the agency, the volatility of digital assets has a significant risk for ordinary consumers. Officials also see the technology as a great benefit for the economy as a whole.
CryptoUK Trade Association represents the interests of the cryptocurrency sphere. It completely refutes the Treasury's characterization. The organization reported its concern and disappointment with the above allegations. In their opinion, they are useless, false, categorically erroneous and unjustified.
