UK Government Rejects Proposal to Regulate Crypto Like Gambling

The UK government has rejected lawmaker plans to regulate crypto like gambling, stating that its existing proposals are more effective in addressing the risks associated with events like the FTX collapse. The government disagrees with the recommendation to rely on gambling regulation, as it would not adequately address risk factors such as commingling of customer funds and market manipulation. The government aims to align with global standards and warns that divergence would push crypto offshore.