Crypto: Uk Gambling Regulator Weighs Allowing Crypto Payments For Online...
Any rollout would still require strict affordability and suitability checks, and crypto activity would need FCA authorization, Gambling Commission executive Tim Miller said.
The United Kingdom’s Gambling Commission is exploring how cryptocurrency could be used for payments at licensed online casinos, as the country prepares to bring more crypto activity under a new regulatory regime led by the Financial Conduct Authority (FCA).
Tim Miller, the commission’s executive director for research and policy, said Thursday that the regulator wants to examine “the potential path forward” for allowing “cryptoasset to be used as a consumer payment option for licensed and regulated gambling in Great Britain.” Miller made the remarks at the Betting and Gaming Council’s annual general meeting in London, according to his published speech.
Companies carrying out regulated crypto activities will require authorization by the FCA under the Financial Services and Markets Act 2000 (FSMA) when the new regime commences, Miller said.
Miller said he had requested that the Industry Forum, an advisory group representing gambling sector workers, explore the best path toward accepting cryptocurrency payments, without setting a deadline.
Miller said that accepting crypto payments may help protect British gamblers from illegal websites.
“Our illegal markets research also gives us evidence that crypto is one of the two biggest searches that lead British gamblers to illegal sites,” said Miller, adding that this may be an important consumer protection measure.
Still, Miller highlighted that allowing crypto payments does not mean casinos will be regulated by UK lawmakers, as they would struggle to pass customer suitability checks.
Related: UK Lords launch stablecoin inquiry as Bank of England moves to finalize rules
The comments follow recent regulatory developments from the FCA, which has released a final consultation setting out 10 proposals covering crypto markets. The regulator is expected to conclude that process in March, with full implementation targeted for October 2027.
Source: CoinTelegraph
