UK Gambling Commission Considers Crypto Use for Wagers by 2026
Executive Director Tim Miller says exploratory work on crypto payments for licensed betting aligns with FCA oversight rules due in 2027, aiming to curb illegal gambling and support innovation.
The UK Gambling Commission is investigating the potential for licensed betting operators to accept cryptocurrency payments, citing rising consumer demand and concerns about unlicensed sites. Executive Director Tim Miller announced the exploratory initiative at the Betting and Gaming Council’s AGM, explaining that crypto-related searches are one of the primary drivers toward illegal operators. The review coincides with the UK government’s proposed Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, which would bring cryptoassets under the FCA’s jurisdiction by October 2027. The Commission’s Industry Forum will assess how such payments could meet anti-money laundering, consumer protection, and suitability standards. Offshore crypto casinos will remain banned under UK law. The move is part of broader regulatory efforts to modernize gambling oversight and reduce illicit market participation.
- FCA (Financial Conduct Authority): The primary financial regulator in the United Kingdom overseeing financial markets and enforcing conduct standards.
- Cryptocurrency: A digital or virtual currency that uses cryptography to secure transactions and operate without a central authority.
- Anti-Money Laundering (AML): Regulatory measures designed to prevent criminals from disguising illegally obtained funds as legitimate income.