CryptoUK and Kraken UK have criticized a recent report by British lawmakers that suggested regulating cryptocurrency in the same way as gambling. The Treasury Committee recommended that unbacked crypto be regulated as gambling due to concerns over consumer risks associated with the asset class, such as price volatility and lack of intrinsic value. CryptoUK argued that such an approach would not take into account the nuances of the sector and may lead to UK consumers looking for offshore crypto platforms. Kraken UK disagreed with the Treasury’s conclusion that cryptoassets have no intrinsic value and argued that regulating them as gambling products is misguided and unsuitable for UK consumers.