The UK Gambling Commission has indicated it will begin exploring how cryptoassets could function as a consumer payment option within licensed gambling frameworks across Great Britain.
Executive Director Tim Miller outlined the initiative during the Betting and Gaming Council AGM, describing it as a measured step aligned with broader financial services reforms underway.
“Firms wishing to undertake any of the new cryptoasset regulated activities will need to be authorised by the FCA under FSMA with permission to undertake those activities at the point the new regime commences,” Miller said.
Alignment With Financial Services Reform
The move follows the government’s introduction of the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, which would place cryptoassets under oversight of the Financial Conduct Authority if approved.
The regime is expected to come into force in October 2027, establishing a formal authorization process for firms engaging in regulated cryptoasset activities.
“These steps, progressing the FCA’s roadmap, do change the picture,” Miller said.
“And that, as well as the growing appetite we see from punters, means we do now want to start looking at what the potential path forward would be to create a way for cryptoassets to be used as a consumer payment option for licensed and regulated gambling in Great Britain.”
Addressing Demand And Illegal Markets
Miller acknowledged strong consumer interest, noting the Commission’s Industry Forum will examine how crypto funding could be implemented responsibly within licensing objectives.
“As a tentative first step, I’ve asked our Industry Forum to look at how they think this could be progressed sensibly and in line with the licensing objectives. At the commission, we know this is something where demand exists.”
Commission research has linked crypto-related searches to traffic directed toward unlicensed operators, highlighting enforcement challenges in the illegal gambling market.
“There will be significant challenges and risks to overcome in considering this topic but I am keen that we approach this in the spirit of exploring the art of the possible rather than starting from a position of finding all the reasons not to innovate,” Miller said.
“Innovation should be and can be one of our central consumer protection tools when it comes to the illegal market.”
Enforcement Funding And Leadership Transition
The regulator recently welcomed £26 million in additional government funding to intensify action against illegal operators, emphasizing collaboration with technology platforms and payment providers.
“Since my speech at ICE, I have met with Meta and they have committed to working with the commission further in this space, especially in relation to ‘not on GamStop’ sites,” he said. “I intend to hold them to that.”
Miller also addressed the upcoming departure of CEO Andrew Rhodes, confirming Deputy Chief Executive Sarah Gardner will assume acting leadership during recruitment efforts.
“To repeat what I said last year at Peers for Gambling Reform, getting into a position where we are on an endless treadmill of reform will not take us any further forward in figuring out what works,” he said.
