UK Gambling Commission Considers Allowing Cryptocurrency Payments

The UK Gambling Commission (UKGC) is considering a significant shift in its approach to cryptocurrency payments in the gaming industry. As part of the planned regulations on cryptoassets, which are set to come into force in October 2027, the regulator is exploring the possibility of allowing licensed operators to accept cryptocurrency payments from consumers.

In a recent speech at the Betting and Gaming Council Annual General Meeting, Tim Miller, Head of Gambling Compliance at the UKGC, discussed the proposed changes. According to Miller, the new regime would require firms wishing to engage in cryptoasset-related activities to obtain authorization from the Financial Conduct Authority (FCA). This would also bring about changes for the gaming industry.

Miller acknowledged that there are potential risks and challenges associated with implementing cryptocurrency payments in regulated gaming, including the link between cryptocurrencies and illicit online gambling sites. However, he emphasized that the UKGC recognizes the growing demand from consumers for this type of payment option and is considering how to best respond to it.