Tim Miller, the Executive Director of the UK Gambling Commission, recently stated that the regulatory body will begin to explore the possibility of allowing the use of cryptocurrencies as a payment method in licensed gambling. This topic will be initially discussed in the commission's industry forum, although no specific timetable has been set. Simply put, there is a demand from players, and the black market is also using it, so the regulators are starting to seriously consider giving it a "legal identity". This move is against the backdrop of the UK government's plan to include cryptocurrencies in the Financial Conduct Authority (FCA) regulatory framework by October 2027. Want to know the latest developments in global gambling payment methods? PASA's official website continues to track regulatory and innovation frontiers.
First, Policy Window: FCA Regulation to be Implemented by 2027, Industry Forum Paves the Way
Miller revealed at the annual conference of the UK Gambling Commission that with the government's advancement of the "Financial Services and Markets Act (Cryptocurrencies) Regulation 2025", cryptocurrencies are expected to be included in the FCA's regulatory scope by October 25, 2027. This change opens a policy window for the gambling industry.
"Companies wishing to engage in regulated activities with cryptocurrencies will need to obtain FCA authorization by then." Miller stated, "As a tentative first step, I have asked our industry forum to study how to reasonably advance this process while meeting the objectives of the license. We know there is such a demand in the market."
Second, Balancing Innovation and Regulation: From "Finding Reasons to Refuse" to "Exploring Possibilities"
Miller emphasized that exploring cryptocurrency payments is also an important part of combating the illegal market. The commission's research found that "cryptocurrency" is one of the two most common search terms leading UK consumers to unlicensed gambling sites.
"When considering this issue, we will face significant challenges and risks, but I hope to advance with a spirit of exploring possibilities, rather than from a stance of finding various reasons not to innovate." He pointed out that as the "Gambling Law Review" is nearing completion, the commission hopes to shift some resources to support innovation. "In combating the illegal market, innovation should and can be one of our core consumer protection tools."
Third, Combating the Illegal Market: £26 Million in New Funds in Place, Tech Platforms Promise Cooperation
Miller also emphasized the regulatory body's ongoing focus on the illegal gambling market. He welcomed the government's additional provision of £26 million to support enforcement activities. However, he also noted that combating unlicensed operators requires more than just coordinated action by the regulatory body itself, including cooperation from technology platforms, payment providers, and affiliates.
"Since the ICE speech, I have met with Meta, who have committed to further cooperate with the commission in this area, especially against 'non-GamStop' sites. I intend to hold them to this promise."
Fourth, Personnel Changes: CEO to Step Down, Successor Pending
Miller also took this opportunity to talk about the upcoming departure of CEO Andrew Rhodes. Rhodes will step down on April 30, with Deputy CEO Sarah Gardner temporarily taking over as CEO, while the commission initiates the recruitment process for a full-time CEO. Miller expressed his heartfelt thanks to Rhodes for his nearly five years of leadership, calling him "an incredible boss and one of the best people I have ever met."
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel: https://t.me/pasa_news
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