The U.K. legislators appear divided over how crypto should treated by the country’s regulators. Some people think that crypto is similar to gambling while others are in favor of the government’s attempts to include digital assets within the existing financial services regulations.

The House of Commons Treasury Select Committee, composed of 11 members of parliament, recommended last month that crypto be treated as gambling, “because it lacks intrinsic value and has a high price volatility”. This recommendation was immediately met with industry opposition, and other legislators have since opposed the suggestion.

The All Party Parliamentary Group for Crypto Assets (APPG), composed of 15 Members of Parliament and Lords from the upper chamber, released their own report on Sunday, backing the government’s recommendation that crypto be treated as a regulated financial service.

The report stated that “The APPG is in agreement with HM Treasury’s position that digital assets and cryptocurrency are best regulated within existing financial services regulations and any new ones, to the extent possible and appropriate. This has a proven track record of mitigating risk for consumers and investors.”

Read more: UK lawmakers call for a dedicated government role to oversee crypto regulation

Lisa Cameron, chair of the APPG Crypto Report on Monday, listed several reasons for the government to consider crypto services as financial services. Tax collection was the most important.

Cameron stated that he would like to see people pay tax on their gains when they are in the U.K. This can only be done through the regulation of financial services, and not gambling.

In a CoinDesk statement, Diego Ballon Ossio said that gains from investments are usually taxed.

Cameron added that another reason why crypto should be treated as a financial services is to ensure the U.K. shares commonalities when it comes their financial service regulations with other jurisdictions.

The European Union, the U.K.’s immediate neighbor, recently signed into law a bespoke regime for crypto asset regulation. The U.K. and its immediate neighbor, the European Union , recently signed a text on a custom regime for crypto asset regulations. Meanwhile, the U.S. Securities and Exchange Commission took a series enforcement actions, arguing that a variety of crypto assets are securities.

Cameron claimed that the U.K. financial services regulations provide the best protections for consumers in the country.

The risks posed by cryptocurrency are similar to those in traditional financial services, and financial services regulation has a better track record at mitigating these risks than gambling regulation.

The U.K. Government has stated that it will introduce specific crypto regulations over time. First, the Financial Services and Markets Bill must be passed. This will give multiple regulators greater powers to oversee crypto.

Ballon Ossio, who spoke to CoinDesk in October, said that after the bill is passed, both houses of parliament would have to agree on the details laws that will bring crypto under the regulatory umbrella.

Read more: UK Lawmakers’ Bid to Regulate Bitcoin as Gambling Could be a Political Problem and Invite Industry Criticism

Sandali Handagama is the editor.