The UK Gambling Commission is exploring the use of cryptoassets as a payment method in licensed gambling. As part of wider financial services reforms, the commission's Industry Forum will examine how cryptoassets can be used to fund legal gambling.
According to Executive Director Tim Miller, the regulator wants to create a way for cryptoassets to be used as a consumer payment option for licensed and regulated gambling in Great Britain. This move aims to combat the illegal market, which is often linked to unlicensed operators using cryptocurrencies.
Miller noted that Commission research shows 'crypto' is one of the two most common search terms directing British consumers to unlicensed gambling sites. The regulator hopes to support innovation and keep consumers safe by exploring the use of cryptoassets in licensed gaming.