UK Gambling Commission Eyes Crypto Payments for Licensed Operators

The UK Gambling Commission has announced plans to explore the introduction of cryptocurrency payments for licensed betting operators, as part of efforts to combat illegal markets and foster innovation.

The move comes after a growing trend of British gamblers searching for crypto-related services, which regulators believe may be driving players towards unlicensed sites. The Commission's Executive Director, Tim Miller, acknowledged the potential benefits of allowing regulated operators to accept crypto payments, while emphasizing the need for careful consideration and adherence to existing anti-money laundering controls.

The proposal is part of a broader effort by the regulator to address the issue of unlicensed operators in the UK market. The Commission has increased enforcement activity in recent years and secured additional funding to strengthen its efforts against offshore sites. Miller noted that permitting crypto payments would not amount to approving foreign crypto casinos to operate within the UK, but rather provide an opportunity for regulated operators to adapt and innovate.