{"id":197031,"date":"2022-01-04T12:39:51","date_gmt":"2022-01-04T20:39:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=197031"},"modified":"2022-01-04T13:39:00","modified_gmt":"2022-01-04T21:39:00","slug":"uk-mulls-clampdown-on-crypto-asset-gambling-craze","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/","title":{"rendered":"UK Mulls Clampdown on Crypto-Asset \u2018Gambling Craze’"},"content":{"rendered":"

UK lawmakers have said they want digital trading products to be included within the scope of an ongoing review into the country\u2019s gambling laws, The Telegraph<\/em> reports.<\/p>\n

\"crypto
The British government says it is \u201ctaking action\u201d on crypto assets like bitcoin, NFTs, FTPs, and other digital financial instruments. (Image: Yahoo Finance)<\/figcaption><\/figure>\n

The calls come amid concerns such products could be harmful to young people and should be regulated as stringently as gambling and other financial instruments.<\/p>\n

The crypto-asset market is completely unregulated in the UK, as is the case in most jurisdictions around the world.<\/p>\n

Currently, the only UK agency taking an active stance against crypto is the Advertising Standards Authority. It focuses on potentially fraudulent marketing and has limited powers to penalize bad actors.<\/p>\n

UK financial regulator the Financial Conduct Authority (FCA) is eager to have greater powers to police the crypto space. At the moment, the agency only has authority to intervene where there is evidence of potential money laundering or terrorist financing.<\/p>\n

No Fan of Fan Tokens<\/strong><\/h2>\n

Meanwhile, crypto is permeating mainstream culture, not least the country\u2019s national sport.<\/p>\n

Faced with the threat of losing revenue streams from expected curbs on gambling advertising, many professional soccer teams are striking commercial crypto deals to offset the hit.<\/p>\n

These include fan token partnerships (FTPs). These purport to give fans a say in the running of certain aspects of a team by purchasing tokens.<\/p>\n

\n

But critics say FTPs are a cynical attempt to exploit fans by monetizing trivial matters that could easily be solved by an online poll. Instead, they\u2019re creating financial barriers to fan engagement.<\/strong><\/p>\n<\/div>\n

The ASA has reprimanded Arsenal for marketing its fan tokens in a way that was misleading and didn\u2019t explain the risks.<\/p>\n

Meanwhile, in November, EPL champion Manchester City was forced to suspend its partnership<\/a> with crypto start-up 3Key when its executives were discovered not to have a digital presence.<\/p>\n

Tech Outpacing Regulators<\/strong><\/h2>\n

There are also concerns about the rise of brokerage apps, like Robinhood. These platforms make investing and trading easier and more affordable for consumers. But they also borrow elements<\/a> from the gambling and social gaming industries.<\/p>\n

Meanwhile, the red-hot market in NFTs, or non-fungible tokens, is so new regulators have barely figured out what they are, yet alone how to regulate them.<\/p>\n

For the uninitiated, NFTs are blockchain-based digital tokens that can represent ownership of a virtual item, like collectible sports trading cards or a work of art.\u00a0<\/strong><\/p>\n

The UK Gambling Commission recently warned the public that fantasy sports and NFT soccer trading platform Sorare<\/a> is operating without a license. The regulator is currently investigating whether it actually needs one.<\/p>\n

\u2018Financial Wild West\u2019<\/strong><\/h2>\n

Meanwhile, UK Treasury spokesperson told The Telegraph<\/em> this week the department was \u201ctaking action to protect consumers in response to the development of certain crypto-assets.\u201d<\/p>\n

This includes consulting on proposals to ensure crypto-asset promotions are fair, clear, and not misleading, and that crypto assets meet the same high standards expected of other payment methods,\u201d<\/strong> the spokesperson added.<\/p><\/blockquote>\n

But for some, that\u2019s not enough.<\/p>\n

\u201cIt is the Wild West, this grey area between highly leveraged financial investments on the one hand, and these products which could quite easily and sensibly be considered to be gambling,\u201d Conservative MP Richard Holden told iNews.<\/em> \u201cThere needs to be a clear differentiation there in order to protect people.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

UK lawmakers have said they want digital trading products to be included within the scope of an ongoing review into the country\u2019s gambling laws, The Telegraph reports. The calls come amid concerns such products could be harmful to young people and should be regulated as stringently as gambling and other financial instruments. The crypto-asset market […]<\/p>\n","protected":false},"author":36,"featured_media":197032,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24066,13592],"tags":[],"acf":[],"yoast_head":"\nUK Mulls Clampdown on Crypto-Asset \u2018Gambling\u2019 Craze<\/title>\n<meta name=\"description\" content=\"Crypto assets could be included in the UK\u2019s ongoing review into gambling reforms, giving regulators power to police the new \u2018gambling\u2019 craze.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Mulls Clampdown on Crypto-Asset \u2018Gambling\u2019 Craze\" \/>\n<meta property=\"og:description\" content=\"Crypto assets could be included in the UK\u2019s ongoing review into gambling reforms, giving regulators power to police the new \u2018gambling\u2019 craze.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-04T20:39:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-04T21:39:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Bitcoin-Dips-As-Investors-Move-To-Smaller-Crypto-Assets.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"836\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/\",\"url\":\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/\",\"name\":\"UK Mulls Clampdown on Crypto-Asset \u2018Gambling\u2019 Craze\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Bitcoin-Dips-As-Investors-Move-To-Smaller-Crypto-Assets.jpg\",\"datePublished\":\"2022-01-04T20:39:51+00:00\",\"dateModified\":\"2022-01-04T21:39:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Crypto assets could be included in the UK\u2019s ongoing review into gambling reforms, giving regulators power to police the new \u2018gambling\u2019 craze.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/uk-mulls-clampdown-on-crypto-asset-gambling-craze\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Bitcoin-Dips-As-Investors-Move-To-Smaller-Crypto-Assets.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/Bitcoin-Dips-As-Investors-Move-To-Smaller-Crypto-Assets.jpg\",\"width\":1254,\"height\":836,\"caption\":\"The British government says it is \u201ctaking action\u201d on crypto assets like bitcoin, NFTs, FTPs, and other digital financial instruments. 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