UK Gambling Regulator Weighs Crypto Payments for Casinos

TLDR

• The UK Gambling Commission is reviewing whether licensed casinos can accept cryptocurrency payments.
• Tim Miller said the regulator will examine a clear path for crypto use in online betting.
• Companies offering regulated crypto services must obtain FCA authorization under the Financial Services and Markets Act 2000.
• The commission asked its Industry Forum to study how crypto payments could work within current gambling rules.
• Research shows crypto searches often direct British gamblers to illegal gambling websites.

The United Kingdom’s Gambling Commission has started formal talks on allowing cryptocurrency payments at licensed online casinos. The regulator confirmed it will assess how digital assets could fit within existing gambling rules. Officials said the review aligns with the country’s incoming crypto regulatory framework led by the Financial Conduct Authority.

UK Gambling Commission Studies Crypto Payment Framework

Tim Miller addressed the Betting and Gaming Council’s annual meeting in London on Thursday. He said the commission wants to examine “the potential path forward” for cryptoasset payments. He explained that the regulator aims to allow crypto as a consumer payment option for licensed gambling in Great Britain. He linked this move to rising consumer interest and regulatory changes. He also confirmed that companies conducting regulated crypto activities must secure FCA authorization under the Financial Services and Markets Act 2000.

He stated that growing appetite from punters prompted the review. He said, “We do now want to start looking at what the potential path forward would be.” He added that crypto could become a consumer payment option for licensed operators. However, he clarified that accepting crypto would not change casino licensing standards. He noted that operators must still pass customer suitability checks under existing rules.

FCA Sets Timeline as UK Gambling Sector Reviews Digital Assets

Miller said he asked the Industry Forum to explore the best route for crypto payments. The advisory group represents workers across the gambling sector. He did not provide a deadline for the review. He said illegal markets research shows crypto searches often lead British gamblers to unlawful websites. He added, “Crypto is one of the two biggest searches that lead British gamblers to illegal sites.”

He explained that allowing regulated crypto payments could help protect consumers. He stated that the commission wants to reduce exposure to illegal platforms. Meanwhile, the Financial Conduct Authority released a final consultation outlining ten proposals for crypto markets. The FCA plans to complete the process in March. It targets full implementation of the new regime by October 2027.

The FCA confirmed that companies must obtain full authorization before October 25, 2027. It stated that the application window will open in September 2026. Crypto asset service providers that miss the deadline will enter transitional rules. Those rules will allow existing products but restrict new offerings. The regulator published the timeline in a document dated January 8.

The post UK Gambling Regulator Weighs Crypto Payments for Casinos appeared first on Blockonomi.