UK Gambling Commission Considers Allowing Crypto Payments

The UK Gambling Commission (UKGC) is considering a shift in its policy on cryptocurrency payments in the gambling industry. Currently, licensed operators are not permitted to accept direct crypto deposits from consumers due to challenges around traceability and anti-money laundering risks.

However, with growing consumer demand for crypto payment options, the UKGC is exploring the possibility of allowing licensed operators to accept cryptocurrencies. This move aims to keep activity within the regulated market, reduce risks from black-market sites, and support innovation in payments.

The UKGC's executive director for research and policy, Tim Miller, has tasked an advisory group with examining how such payments could be implemented 'sensibly' and in line with licensing objectives. This includes strong anti-money laundering measures, consumer protections, and addressing volatility and anonymity risks associated with crypto.