Some UK ministers of parliament are asking for better protection of citizens in front of the “crypto craze” that is encouraging people to make investments in crypto.
According to an article published by iNews, young people are the most vulnerable group, especially when it comes to crypto and NFTs. Other niche that is perceived as dangerous are fan tokens such as Chiliz which were described as being “speculative investments” connected to “gambling.”
There are talks going back and forth about how the fan tokens are an opportunity for fans to engage with the club while others claim that it is just speculation and that tokens can lose their value.
MPs are now asking the government to launch an investigation into the crypto sector and begin the long-awaited regulation procedures.
Richard Holden, Conservative MP, commented:
“It is the Wild West, this grey area between highly leveraged financial investments on the one hand and these products which could quite easily and sensibly be considered to be gambling. There needs to be a clear differentiation there in order to protect people.”
Of course, this means that regulations that are to come should be put in place to protect the investor and not to try and stop crypto innovations.