Bitcoin and other cryptocurrencies have been around since 2009, so they are no longer a novel phenomenon, but using them to pay for bets is a more recent development. Since a few years ago, more crypto casinos have debuted each month. Whether they are lawful and should be permitted to gamble online is a hot discussion topic in the UK. They used to navigating crypto gambling regulations in the UK to examine this recent growth, see how it impacts UK players, and briefly discuss how it has impacted gambling globally.
Are cryptocurrencies legal in the UK?
Though technically lawful, they must first receive approval from the UKGC before accepting crypto-assets. The requirement that it be evident that anti-money laundering checks have been done is the primary sticking point here. It is somewhat of a gray area because there is no indication in the current Gambling Act that using cryptocurrencies for gambling is lawful or prohibited. The licensing process helps unlocking the regulatory framework for crypto gambling in the UK, which is similar to that for conventional online casinos, which is one of the reasons against it.
Will the gambling act review add legislation for crypto casinos?
The government’s ability to combat money laundering is a hot subject, as is anything related to cryptocurrency. It is unlikely that new, but the UK Gambling Commission is investigating how the country’s existing gambling laws might apply to crypto casinos. To ensure they don’t impede fair play or promote criminal behavior, the current regulatory situation for crypto gambling in the UK constantly evaluates new technologies and innovations. They want to guarantee that all gaming laws remain impartial and valuable. To achieve this, all parties engaged must abide by the same rules.
The legality of cryptocurrency gaming in the UK is murky. Operators accepting money from exchanges and payment providers have received fines. However, the UKGC says that licensees may take funds derived from crypto-assets.