UKGC opens door to crypto payments on licensed platforms
Table of contents
- The UK Gambling Commission has asked its Industry Forum to consider a potential pathway for cryptoassets to be used as consumer payment options on licensed platforms.
- The move is linked to new government legislation that, if approved, would place crypto asset activities under FCA supervision from October 2027.
- Crypto-related searches are currently one of the two most common routes through which British consumers discover unlicensed gambling sites.
The UK Gambling Commission (UKGC) has taken what its executive director describes as a “tentative first step” toward exploring how cryptocurrency could function as a legitimate payment method within the country’s licensed gambling market.
Tim Miller made the announcement yesterday (26 February) at the Betting and Gaming Council (BGC) Annual General Meeting in London, marking a notable shift in the regulator’s public stance on digital assets.
Legislation opens the door
The UKGC’s move is directly tied to the UK government’s introduction of The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, which were laid before Parliament in December 2025. If approved, these regulations would bring cryptoasset activities within the regulatory remit of the Financial Conduct Authority (FCA).
The new cryptoasset regime is expected to come into force on 25 October 2027. Under the proposed framework, firms wishing to undertake any of the new cryptoasset regulated activities will need FCA authorisation at that point.
The UKGC has asked its Industry Forum to consider how this incoming FCA framework might sit alongside existing gambling regulations under the Gambling Act 2005. No formal timetable has been set for the work. Miller was clear that no arbitrary deadlines would be imposed.
As set out in Miller’s published speech at the BGC AGM, the regulator’s position has shifted because of both legislative progress and growing consumer appetite for digital payments. Tim Miller, executive director of research and policy at the UK Gambling Commission, said:
“We do now want to start looking at what the potential path forward would be to create a way for cryptoasset to be used as a consumer payment option for licensed and regulated gambling in Great Britain. 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,” Miller said.
Black market concern drives conversation
The UKGC’s decision to open this discussion is closely linked to its work to combat illegal gambling. Under current rules, regulated operators in Great Britain are prohibited from accepting crypto payments. That restriction has effectively pushed crypto gambling into the unlicensed market, which operates with far fewer consumer protections.
According to Miller’s speech, the UKGC’s illegal markets research identifies cryptocurrency as one of the two biggest searches that lead British gamblers to illegal sites. Permitting crypto through the licensed market, subject to safeguards, could serve as a practical consumer protection tool by reducing the flow of players toward unlicensed platforms.
The Commission has previously raised concerns about offshore crypto gambling platforms, particularly those targeting consumers who have self-excluded through GAMSTOP, the UK’s national self-exclusion scheme. At the BGC AGM, Miller also confirmed that Meta has committed to working with the Commission further on the issue of illegal gambling advertising, including sites promoted as “not on GAMSTOP.”
Miller’s comments build on a position staked out by outgoing UKGC Chief Executive Andrew Rhodes in November 2025, when Rhodes warned of “pressure building within the system” to address cryptocurrency in the regulated market:
“The reality is, in some years to come, there will probably be a significant cohort of consumers who use cryptocurrencies because that is what they’re accustomed to. It is a demographic shift that will find they have no place in the legitimate industry because of the currency they use,” said Andrew Rhodes, then Chief Executive of UKGC.
Rhodes is due to leave the Commission on 30 April 2026, with the Board already working on the process to appoint an interim chief executive.
Challenges acknowledged, innovation welcomed
Miller was careful to frame the work as exploratory. He acknowledged that adapting the existing regulatory framework to accommodate digital assets would not be straightforward.
Any development must remain aligned with the Commission’s core licensing objectives under the Gambling Act 2005, namely the prevention of crime, ensuring gambling is fair and open, and protecting children and vulnerable persons.
“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 added.
Once the FCA’s new cryptoasset regime comes into force, firms involved in regulated digital asset activities will fall under formal FCA supervision. This covers custody, exchange, and other related services that could interact with licensed operators.
An application period for firms seeking authorisation will run from 30 September 2026 to 28 February 2027. Miller suggested this expanded oversight could “start to change the picture” for the UK gambling sector by providing a more credible compliance infrastructure to support any future development.
A long road ahead
The UKGC’s exploration comes at a moment of broader uncertainty for the UK gambling industry. The BGC AGM brought together senior figures against a backdrop of rising tax burdens, the implementation of remaining Gambling Act Review White Paper reforms, and the imminent departure of the Commission’s chief executive.
The government’s Illegal Gambling Taskforce, which Miller sits on and chairs one of its subgroups, is also taking shape. The Treasury committed £26 million over three years to support the UKGC’s enforcement work in that area.
For operators, the prospect of legally accepting crypto payments would represent a meaningful commercial opportunity, particularly given growing consumer adoption of digital assets among younger demographics. For regulators, the challenge will be ensuring that any future framework does not create new avenues for money laundering or erode existing consumer protections.
The work is at its earliest stages, but the UKGC’s willingness to formally examine the question, in coordination with the incoming FCA framework, signals that the UK’s approach to crypto in gambling may be entering a new phase.
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About the author
Bianca Máthe
Bianca Mathe joined the iGaming industry in 2018 and has since built extensive experience across multiple verticals, working with international gaming organizations on editorial, marketing, and media strategy. She brings a strong understanding of the regulatory, commercial, and technological forces shaping the global iGaming sector.
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