UK Gambling Commission Weighs Allowing Virtual-Asset Payments

The UK’s gambling regulator is considering allowing virtual-asset (cryptocurrency) payments. The move comes as the UK has recently been putting in place a regulatory framework for virtual assets.

On the 27th (Korea time), Bloomberg reported that the UK Gambling Commission is exploring ways to allow licensed gambling operators to use virtual assets as a means of payment.

Tim Miller, the commission’s director of research and policy, said at an event in London that day: “We are looking at pathways to enable virtual assets to be used as a consumer payment option.”

The UK Financial Conduct Authority (FCA) is aiming to finalize rules related to virtual assets within this year. The regulations are expected to take effect by the end of 2027.

The Gambling Commission has asked its industry advisory body, the “Industry Forum,” to review measures to introduce virtual-asset payments.

Miller said, “To reduce the risks posed by illegal gambling sites, we need to examine allowing virtual-asset payments within the regulated market.” He added, “Operators that have previously operated illegally would be unlikely to pass suitability assessments,” noting that “the policy would apply to firms that meet anti-money laundering (AML) and know-your-customer (KYC) standards.”