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MNI BRIEF: Tax Crypto Like Gambling - ECB's Fabio Panetta

(MNI) LONDON
(MNI) London

Recent issues have underlined the need for increased crypto scrutiny, ECB Executive Board member Fabio Panetta wrote Wednesday.

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The crypto-currency industry should be taxed in a similar way to the gambling industry, ECB Executive Board member Fabio Panetta wrote in an op-ed Wednesday, arguing that the social costs of allowing it to go unregulated are “too high to ignore.”

“We need to build guardrails that address regulatory gaps and arbitrage and tackle the significant social costs of cryptos head-on,” Panetta wrote. “Vulnerable consumers should be protected through principles similar to those recommended by the European Commission for online gambling. They should be taxed in accordance with the costs they impose on society.”

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The crypto-currency industry should be taxed in a similar way to the gambling industry, ECB Executive Board member Fabio Panetta wrote in an op-ed Wednesday, arguing that the social costs of allowing it to go unregulated are “too high to ignore.”

“We need to build guardrails that address regulatory gaps and arbitrage and tackle the significant social costs of cryptos head-on,” Panetta wrote. “Vulnerable consumers should be protected through principles similar to those recommended by the European Commission for online gambling. They should be taxed in accordance with the costs they impose on society.”