The United Kingdom’s Gambling Commission is considering the integration of cryptocurrency as a payment method for licensed online casinos. This initiative is part of a broader effort to regulate crypto activities under the Financial Conduct Authority (FCA), which is set to implement new rules by October 2027.
Tim Miller, the executive director for research and policy at the Gambling Commission, expressed the need to investigate how to effectively incorporate cryptoassets for consumer payments in regulated gambling. He made these comments during the Betting and Gaming Council’s annual general meeting held in London.
Miller has asked the Industry Forum, an advisory group in the gambling sector, to evaluate options for facilitating cryptocurrency payments, though no deadline has been established for this exploration. He noted that enabling crypto payments might safeguard British gamblers from unregulated websites, as evidence shows that cryptocurrency searches often lead to illicit gambling platforms.
While the commission is looking at these developments, Miller cautioned that the acceptance of crypto payments would not equate to full regulation by UK authorities, especially concerning customer suitability evaluations.