Crypto trading: politicians who say it should be treated like gambling are completely wrong

country such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstoodcountry such as Switzerland, which is embracing crypto within a largely new framework for financial assets. The Swiss are so progressive that their financial regulator has even permitted the canton of Zug, near Zurich, to pay certain taxes in crypto.
Welcome to Zug, Switzerland, where you can pay your taxes in crypto. Henna K, CC BY-SA
Such disparate views on crypto regulation around the world point to one thing: uncertainty. Not around the technology as it stands today – though a surprising number even of senior policymakers don’t understand it – so much as what it could become. For example, with upwards of 4 million people in the UK having owned or used cryptocurrencies, regulators worry that individuals might pivot to a monetary system outside of their traditional currency by transacting in crypto instead. This might make it more difficult for central banks to control the economy.
The risk of this pivot is probably remote, but not impossible. But trying to predict how it will play out is akin to forecasting the aviation industry when the Wright Brothers first flew, or the importance of the internet and smartphones when Steve Jobs described the computer in 1990 as a “bicycle for the mind”.
Overall, the UK’s approach to crypto regulation is cautious – perhaps you could spin it as a “fast follower” of the countries that are leading the way, such as Switzerland and El Salvador. Given the economic existential importance of “what is money” and how it is used within an economy, this seems like the right balance to strike. When the consequences are so difficult to predict, it’s arguably better to take small steps rather than “move fast and break things” in the style of Silicon Valley. After all, the UK is a country not a company and the stakes are higher if a policy choice does not pay off.
Nonetheless, it’s surely right not to treat crypto trading like gambling. Let’s hope that future UK governments stick with this approach. Gambling over time is the road to ruin for the player – the house always wins. In crypto this is not true. There is no “house” but rather a value proposition which may or may not come to fruition, but oftentimes is still misunderstood