{"id":15979,"date":"2022-01-04T17:54:34","date_gmt":"2022-01-04T16:54:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=15979"},"modified":"2022-01-04T17:54:46","modified_gmt":"2022-01-04T16:54:46","slug":"uk-parliament-fields-demands-for-crypto-crackdown","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/uk-parliament-fields-demands-for-crypto-crackdown\/","title":{"rendered":"UK Parliament Fields Demands for Crypto Crackdown"},"content":{"rendered":"\n
The United Kingdom<\/a>‘s rocky relationship with cryptocurrency continues as the UK parliament and crypto critics demands that the government take a tougher stance on the expanding cryptocurrency business.<\/h5>\n\n\n\n
\"UK
UK Parliament Fields Demands for Crypto Crackdown<\/figcaption><\/figure>\n\n\n\n

The UK Parliament demands the government take a tougher stance on crypto<\/h2>\n\n\n\n

According to iNews, British Members of Parliament (MPs) and campaigners are urging the UK government to take a tougher stance on the expanding cryptocurrency business.<\/p>\n\n\n\n

“It's the Wild West,” Conservative MP Richard Holden told iNews\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, “this grey area between highly leveraged financial investments on the one hand and these goods that could quite easily and rationally be labeled gambling on the other.”<\/p>\n\n\n\n

“In order to safeguard people, there needs to be a clear distinction there,” he continued.<\/p>\n\n\n\n

Soccer teams' rising interest in fan tokens <\/h2>\n\n\n\n

Former advisor to former Labour Party leader Jeremy Corbyn, Matt Zarb-Cousin, took aim at soccer<\/a> teams' rising interest in fan tokens.<\/p>\n\n\n\n

Fan tokens are cryptocurrencies that are linked to a soccer team. Some of the world's most prestigious soccer clubs have already spent more than $350 million on fan tokens, but they have proven to be divisive.<\/use><\/svg><\/span><\/a><\/p>\n\n\n\n

“I think it's on another level for football [soccer] clubs to sell gambling to supporters, which might lead to people losing their lives as a result,” Zarb-Cousin added. <\/p>\n\n\n\n

“It's even worse to be selling people a path into bitcoin under the guise of empowering them in an effectively unregulated space.”<\/p>\n\n\n\n

This isn't the first time the cryptocurrency business has caused a stir in the United Kingdom<\/a>.<\/p>\n\n\n\n

The United Kingdom's rocky relationship with cryptocurrency<\/h2>\n\n\n\n

The crypto sector has been regarded with mistrust in the United Kingdom over the last 12 months.<\/p>\n\n\n\n

The Financial Conduct Authority (FCA<\/a>) issued five concerns about the cryptocurrency business in January 2021, including a perceived lack of consumer protection and misleading advertising.<\/p>\n\n\n\n

Binance<\/use><\/svg><\/span><\/a>, one of the largest and most well-known cryptocurrency exchanges, has also been targeted by the regulator. The FCA notified Decrypt in the summer of 2021 that it had a “major issue” with Binance's lack of a headquarters.<\/p>\n\n\n\n

After a Binance UK firm failed to give even basic information to the regulator, the FCA doubled down and stated that Binance was “not capable” of being regulated in September.<\/p>\n\n\n\n

Binance has recently stated that it is attempting to repair relations with the FCA. However, there is no evidence that their efforts have been successful.<\/p>\n\n\n\n

When it comes to deceptive advertising, the FCA isn't the only regulator concerned about cryptocurrency.<\/p>\n\n\n\n

The Advertising Standards Authority (ASA) has spent the last year pursuing Coinbase, Papa John's<\/use><\/svg><\/span><\/a>, eToro<\/use><\/svg><\/span><\/a>, and a number of other cryptocurrency companies for their crypto advertising practices.<\/p>\n\n\n\n

“We regard this as a critical and high-priority topic for us. Wherever we uncover issues, we will address them immediately “Last summer, Miles Lockwood, the ASA's head of complaints and investigations, stated.<\/p>\n\n\n\n

So, how about soccer clubs?<\/h2>\n\n\n\n

Binance, Coinbase, and well-known corporations like Papa Johns have all been criticized in the UK for their crypto-related activities, but Arsenal FC has recently been under fire for the creation of its AFC fan coin.<\/p>\n\n\n\n

Arsenal FC's tokens adverts were prohibited by the advertising authority in December 2021, claiming that they “trivialized investment in crypto assets and took advantage of consumers' inexperience and naivety.”<\/p>\n\n\n\n

It remains to be seen whether other well-known teams with fan tokens, such as Barcelona<\/a> and Paris Saint-Germain, would face similar opposition.<\/p>\n","protected":false},"excerpt":{"rendered":"

The United Kingdom‘s rocky relationship with cryptocurrency continues as the UK parliament and crypto critics demands that the government take a tougher stance on the expanding cryptocurrency business. The UK Parliament demands the government take a tougher stance on crypto According to iNews, British Members of Parliament (MPs) and campaigners are urging the UK government […]<\/p>\n","protected":false},"author":29,"featured_media":15982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6272,5701,6324],"class_list":["post-15979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency-news","tag-regulation-2","tag-united-kingdom-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/British-Members-of-Parliament-Demands-for-Crypto-Crackdown.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=15979"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/15982"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=15979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=15979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=15979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}