UK FCA to Consider Cryptos for Gambling Payments

Key Developments

UK FCA to Consider Cryptos for Gambling Payments.

The UK Gambling Commission is exploring ways to allow crypto payments for online casinos under the FCA’s new cryptocurrency licensing framework, set to take effect in 2027.

Context

Any rollout would still require strict affordability and suitability checks, and crypto activity would need FCA authorization, Gambling Commission executive Tim Miller said.

The United Kingdom’s Gambling Commission is exploring how cryptocurrency could be used for payments at licensed online casinos, as the country prepares to bring more crypto activity under a new regulatory regime led by the Financial Conduct Authority (FCA).

Tim Miller, the commission’s executive director for research and policy, said Thursday that the regulator wants to examine “the potential path forward” for allowing “cryptoasset to be used as a consumer payment option for licensed and regulated gambling in Great Britain.” Miller made the remarks at the Betting and Gaming Council’s annual general meeting in London, according to

Market Implications

Companies carrying out regulated crypto activities will require authorization by the FCA under the Financial Services and Markets Act 2000 (FSMA) when the new regime commences, Miller said.

Traders are likely to focus on follow-through volume, funding behavior, and whether newly tested levels hold through the next high-volatility session.

What's Hot