(AsiaGameHub) – By: Elena Rostova
The UK gambling industry’s crypto payment dreams are stuck in regulatory limbo. Operators want to meet consumer demand, but regulators won’t budge until anti-money laundering (AML) checks are ironclad. This tension has dragged on for months, with no clear end in sight.
Earlier this year, FCA Executive Director Tim Miller told the Industry Forum to progress crypto payments sensibly. In February 2024, Parliament passed the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, bringing crypto under FCA’s remit starting October 25, 2027. Last week, GC’s John Pierce told the GAMLG Annual Conference: “If done in the right way could ultimately be a way of future-proofing our fight against criminal activity.” He added crypto can be an option only if it strengthens AML, not weakens it. Sue Young, at the KPMG Gibraltar eSummit, said the Industry Forum is keeping pace with FCA but emphasized taking time to avoid trouble.
Operators will need FCA authorization under the new regulations to use crypto. Without a timeline, the compliance loop means only well-funded operators can afford the AML upgrades needed to meet regulatory standards. Smaller players will likely be left out of the crypto payment game.
Author bio: Elena Rostova, a public policy expert specializing in compliance assessments for governments and sovereign wealth funds.