rewrite this content using a minimum of 1000 words and keep HTML tags
British gamblers searching for ways to bet with cryptocurrency are more likely to end up on an illegal website than a regulated one. That is part of what prompted the UK Gambling Commission to start asking whether something needs to change.
Tim Miller, the regulator’s executive director for research and policy, told an industry gathering in London last Thursday that the Commission now wants to look seriously at allowing crypto to be used as a payment method at licensed online gambling platforms in Great Britain.
Illegal Sites Are Driving The Conversation
Miller’s case for taking another look at crypto payments was not built purely on demand, though he acknowledged that appetite among bettors is growing. He made the remarks during the Betting and Gaming Council’s annual general assembly.
The more pointed argument was about where that demand currently goes. According to reports, Miller told attendees that crypto ranks among the two most common search terms that lead British gamblers straight to unregulated, illegal sites.
A screenshot of Tim Miller’s speech during the Betting and Gaming Council’s annual gathering in London. Source: Gambling Commission UK
Blocking crypto from licensed platforms, in other words, may be sending consumers somewhere far less protected rather than discouraging them altogether.
That framing marks a shift. For years, the default position from regulators has been that crypto and gambling together create too much risk. Miller’s comments suggest the Gambling Commission is now weighing whether the bigger risk is doing nothing.
No deadline was attached to the review. Miller said he had asked the Industry Forum — an advisory group made up of representatives from across the gambling sector — to map out the available options.
Whatever path is chosen, he made clear it would come with strict conditions. Affordability checks, suitability assessments, and full compliance with UK gambling rules would all still apply. Accepting crypto would not give casinos any special treatment or exemptions.
A Bigger Regulatory Framework Sets The Timeline
The Gambling Commission’s exploration does not exist in isolation. Any move toward crypto payments at licensed venues would be tied directly to the Financial Conduct Authority’s new crypto oversight framework, which is currently being finalized.
According to reports, the FCA is expected to wrap up its consultation process in March, with the full regime set to take effect in October 2027. Companies wanting to operate under the new rules will need to seek authorization from the FCA, with the application window expected to open in September 2026.
Crypto firms that miss that window face a more restricted path. Reports say they would be allowed to continue running existing products under transitional rules but would not be permitted to roll out new offerings until full authorization is granted.
Featured image from Pexels, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
