The article, titled "Euroviews: The patchwork of UK crypto regulation is still too complex to bring real benefit," highlights the pressing need for clarity and simplification in the nation's approach to cryptocurrency governance.
Dr. Tasca brings to light the recent scam involving Cosoin, an "investment app" that turned out to be a Ponzi scheme, underlining the ongoing vulnerability of UK consumers to cryptocurrency frauds. Despite recommendations from a UK Treasury committee to regulate crypto trading for retail akin to gambling, the Economic Secretary to the Treasury, Andrew Griffith, opposed such measures, favouring a distinction between gambling and financial services.
Dr. Tasca calls for a proactive approach to regulatory reform that not only safeguards consumers but also fosters technological innovation and economic growth. He suggests that by building a more straightforward and welcoming regulatory infrastructure, the UK can secure its position as a leader in emerging technologies while ensuring the protection and prosperity of its citizens.
Read the full article on Euronews.