UK Gambling Commission Explores Crypto Payments for Licensed Operators

The UK's regulatory body for gambling, the Gambling Commission, is considering a significant change in its policies regarding cryptocurrency payments. The move, which was announced at the Betting and Gaming Council's Annual General Meeting, aims to combat the growing problem of illegal gambling operators in the country.

According to Executive Director Tim Miller, there has been an increasing trend of British gamblers searching for information on cryptocurrency payments online. This has led some punters to venture into unlicensed sites, which operate outside of UK regulations and often lack proper consumer protection safeguards.

The Gambling Commission's proposal is framed as a response to the illegal market, which has seen increased enforcement activity in recent years. The regulator believes that allowing licensed operators to accept cryptocurrency payments could help keep consumers within the regulated system and reduce the risk of money laundering.

Miller emphasized that any operator wishing to accept cryptocurrency payments would still need to meet strict suitability, compliance, and know-your-customer standards under existing gambling rules. This means that permitting crypto payments would not amount to approving offshore crypto casinos to operate in the UK.