Ahead of the UK’s 2027 cryptoasset regulatory framework, the UK Gambling Commission (UKGC) has started to mull allowing licensed operators to accept cryptocurrency as a payment method.
UKGC Executive Director Tim Miller last week stated the regulator was taking a “tentative first step” toward understanding the mechanics of crypto payments in relation to the country’s current licensing framework.
Speaking at the AGM of the Betting and Gaming Council, Miller said a Commission industry forum had been tasked with considering if such a project could be developed “responsibly and in line with existing licensing objectives.”
The UKGC head said the move was due to increased interest from bettors wanting to transact in digital currency, and the UK setting October 2027 as the date the country’s freshly regulated crypto assets regime is expected to launch, upon Parliamentary approval.
Under The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, gambling firms in the future can apply to the Financial Conduct Authority to operate using crypto.
expectation of growth in the illegal market”
Miller acknowledged the “significant challenges and risks” linked to crypto payments while noting crypto-linked searches rank among the top drivers that “lead British gamblers to illegal sites.” In his AGM speech while talking about the Commission’s new crypto forum, Miller said being open to innovation was key “given the changing picture and our expectation of growth in the illegal market.”
“Innovation should be and can be one of our central consumer protection tools when it comes to the illegal market.”
