Crypto Payments Under Review by Gambling Commission
HighlightsÂ
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The UK Gambling Commission is examining ways in which legitimate operators can use crypto payments.
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FCA‘s forthcoming remit to formalise a new pathway for crypto payment for licensed operators.
The Gambling Commission is reassessing how UK-licensed gambling operators can handle crypto payments, subject to existing licensing objectives.Â
The proposal to allow crypto to be used as a payment option follows the government’s introduction of the Financial Services and Markets Act 2000 (Crypto assets) Regulations 2025. That was laid in the parliament very recently.
If the proposed framework is passed, FCA Authorisation will become mandatory for firms carrying out crypto asset activities.
UKGC executive director Tim Miller said at the Betting and Gaming Council AGM in London that the evolving regulatory landscape, combined with rising consumer demand, has prompted the Commission to find a compliant route that enables crypto to be used as a consumer payment option by licensed operators.Â
Miller highlighted that searches for cryptocurrency have directed British users to unregulated gambling sites with limited protections.Â
The governing body, too, bought this issue previously on how crypto gambling sites operate offshore, especially those that focus on promoting to users who have self-excluded from online gambling via GAMSTOP.
The new framework for how gambling operators can use crypto payments will depend mainly on the FCA’s forthcoming remit.
The legal process will now be in place, ensuring custody, exchanges, and other crypto-related services that may interact with gambling operators.
For the full news story, Read Here!
The proposal to allow crypto to be used as a payment option follows the government’s introduction of the Financial Services and Markets Act 2000 (Crypto assets) Regulations 2025. That was laid in the parliament very recently.
If the proposed framework is passed, FCA Authorisation will become mandatory for firms carrying out crypto asset activities.
UKGC executive director Tim Miller said at the Betting and Gaming Council AGM in London that the evolving regulatory landscape, combined with rising consumer demand, has prompted the Commission to find a compliant route that enables crypto to be used as a consumer payment option by licensed operators.Â
Miller highlighted that searches for cryptocurrency have directed British users to unregulated gambling sites with limited protections.Â
The governing body, too, bought this issue previously on how crypto gambling sites operate offshore, especially those that focus on promoting to users who have self-excluded from online gambling via GAMSTOP.
The new framework for how gambling operators can use crypto payments will depend mainly on the FCA’s forthcoming remit.
The legal process will now be in place, ensuring custody, exchanges, and other crypto-related services that may interact with gambling operators.
For the full news story, Read Here!
