Risk of addiction from cryptocurrency trading.

British Committee Report Suggests Cryptocurrencies Should Be Regulated in the Same Framework as Gambling.

In an effort to establish London as a center for financial innovation, the British government is promoting a new regulatory framework for cryptocurrencies that will align them with established rules for financial services.

However, last month, a report by a powerful cross-party group of British lawmakers stated that cryptocurrencies should be regulated like gambling. They are considered to be trading assets that have "no intrinsic value" and "no discernible social benefit," according to the report.

Over 300 patients suffering from some form of cryptocurrency addiction have been treated at Castle Craig since it opened its doors to cryptocurrency traders in 2018, self-proclaimed as the world's first specialized cryptocurrency addiction center.

During treatment at Castle Craig, patients described how they used cryptocurrency trading apps specifically designed to encourage them to invest compulsively and pursue quick profits, echoing the harshest tactics of the early online gambling industry, which has been curbed to some extent since the Gambling Commission started issuing more fines.

But for many addicts, the dispute over which regulatory authority cryptocurrencies should fall under is crucial. As one patient at Castle Craig said, "Put gambling and encryption side by side, see the consequences of both, see the seriousness of both, and tell me they're not the same.