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Consumer cryptocurrency trading should be regulated as gambling, the treasury committee has urged. In a new report, the committee called for consumer trading in unbacked crypto assets to be treated in regulation as gambling. The cross-party committee of MPs said cryptocurrencies such as Bitcoin are being used by criminals in scams and money laundering. Unbacked crypto assets – often called cryptocurrencies – are not supported by underlying assets, the committee added. They pose significant risks to consumers, given their price volatility and the risk of losses, according to the MPs, who said retail trading in unbacked crypto more closely resembles gambling than a financial service and should be regulated as such. The report said: “We strongly recommend that the government regulates retail trading and investment activity in unbacked crypto assets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’.” The committee pointed to HM Revenue and Customs (HMRC) figures indicating that around 10 per cent of UK adults hold or have held crypto assets. The MPs also said potential productive innovation in financial services should not be unduly constrained. They said technologies underlying crypto assets may bring some benefits to financial services, particularly for cross-border transactions and payments in less developed countries. A balanced approach should be taken to supporting the development of crypto asset technologies, while avoiding spending public resources on projects without a clear, beneficial use, the MPs said. Harriett Baldwin, chair of the treasury committee, said: “The events of 2022 have highlighted the risks posed to consumers by the crypto asset industry, large parts of which remain a wild west. “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry. “However, with no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like Bitcoin more closely resembles gambling than a financial service, and should be regulated as such. “By betting on these unbacked ‘tokens’, consumers should be aware that all their money could be lost.” The committee is considering central bank digital currencies as a separate piece of work. A treasury spokesperson said: “Risks posed by crypto are typical of those that exist in traditional financial services and it’s financial services regulation – rather than gambling regulation – that has the track record in mitigating them. “Crypto offers opportunities but we are taking an agile approach to robustly regulating the market, addressing the most pressing risks first in a way that promotes innovation.” Read More Crypto rules get final approval to make Europe a global leader on regulation Is my money safe? What you need to know about bank failures Nearly 80% of APP scam cases start online, says UK Finance Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live

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For most teenagers Minecraft remains just a hobby, but one Ukrainian schoolboy’s love for the game has meant he can now afford to buy his homeless mother a house. Lomond School pupil Maksym Gavrylenko has made a “substantial” sum after selling the server he ran from his bedroom, which allows gamers from all over the world to connect to and play together on, with friends. The 17-year-old boarding school pupil said: “I am very proud that I was able to turn my passion into a profitable business and I plan on treating my mother. “As a result of the war, she was forced to flee her home, leaving her homeless, so to buy her a property will make all the hours spent on this project worthwhile.” She is currently staying with friends in Portugal, but intends to settle close to her son. Other family members of Maksym’s remain in his war-torn homeland. His grandparents would not leave Kyiv, having lived there their whole lives, and his sister stayed in the country as her partner had to sign up to defend Ukraine. Making enough money from selling the gaming company he set up to buy his mother a house was something he never expected, the teenager said, with he and his friends embarking upon the project for fun. “We never imagined it would develop into a viable business opportunity, but with guidance from my brother who works in tech, and the school, I was encouraged to explore the possibilities to turn it into something bigger,” Maksym said. His success comes after he moved from Ukraine to Scotland in 2021 and bought a little-used Minecraft server for £1,000, and in the years that followed he and two friends made changes which resulted in a huge rise in players. Along with this, advertisers were attracted to the server, and its value increased. And because of the influx, Lomond School said a lucrative offer was made by a tech firm, which was accepted in May this year. I have no doubt that this won’t be the last we hear about one of Maksym’s business ventures Johanna Urquhart, Lomond School principal Now with one business success under his belt, Maksym wants to expand on his knowledge by going to university and has applied to a mixture of UK and overseas universities. “I don’t know what the future holds, but I’ve always had an interest in business having worked as a part-time translator and a writer in Ukraine,” said the student, who studies at the school in Helensburgh, in Argyll and Bute. “As well as having a passion for gaming, I really enjoyed the entrepreneurial side of our project, and I have applied to universities around the world to study business management.” His preferred choice for university is south of the border in England. Johanna Urquhart, Lomond School principal, said what Maksym had achieved was “absolutely incredible”. “I have no doubt that this won’t be the last we hear about one of Maksym’s business ventures,” she said. Read More Ukraine-Russia war news – latest: Putin’s troops ‘swept away’ in flooding from dam collapse, says Kyiv Watch live view of flooding in Kherson after destruction of Dnipro river dam Massive destruction after Ukraine dam collapse revealed in new satellite images

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