UK lawmakers propose treating unbacked crypto-assets like gambling, not financial services. The Treasury Committee recommends aligning risk and regulation, citing consumer risks posed by price volatility and lack of intrinsic value. Chair Harriett Baldwin warns against a false sense of safety. Gambling Commission oversees all forms of gambling, including online and land-based, to prevent problem gambling and enforce Anti-Money Laundering safeguards. Experts stress stringent regulation for crypto exchanges due to its addictive nature. The committee acknowledges the benefits of crypto and tech in finance but urges a practical regulatory framework to manage risks. Support for government proposals on regulating crypto-assets in financial services. 10% of UK citizens hold crypto, says HMRC. The UK ranks 17th in crypto adoption. Balance is needed between opportunities and risks in the crypto industry