The UK Gambling Commission (UKGC) is preparing for the seismic shifts caused by the UK’s upcoming crypto guidelines, according to the regulator’s Executive Director of Research and Policy, Tim Miller.
Speaking at the UK Betting and Gaming Council’s (BGC) AGM, Miller confirmed that the UKGC has taken the ‘tentative first step’ of asking its industry forum to consider how the Financial Conduct Authority’s (FCA) new framework would sit alongside current gambling regulations.
He told the audience: “We want to start looking at what the potential path forward would be to create a way for crypto assets to be used as a consumer payment option for licensed and regulated gambling here in Great Britain. At the Commission, we know that this is something where demand exists and will probably grow.
“There will certainly, I think, be significant challenges and risks to overcome, considering this topic. But I’m really 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.”
The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 (FSMA) have been in the works since the Treasury published proposals in October 2023, and seek to provide a regime for cryptoassets and firms wishing to provide services associated with them.
The regulations are expected to come into force on 25 October 2027, and companies will be required to be authorised under FSMA.
As a result of the shift, industry watchdogs like the UKGC are now being forced to consider how their industries will be impacted by the changes, and Miller’s words echo those of the outgoing UKGC CEO, Andrew Rhodes.
Speaking in November, he warned of ‘pressure building within the system’ to address cryptocurrency in the regulated UK gambling market as a new demographic embraces alternative payment methods.
“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 Rhodes.
UK rules currently prevent regulated operators from offering crypto payments, meaning such facilities remain the preserve of the black market.
Miller revealed that searches related to crypto are one of the two biggest causes of British gamblers discovering the black market, suggesting updated regulation could act as an important mechanism for diverting players away from the illegal sector in the coming years.
He added: “Supporting innovation is something that we want to be able to point more of our resources towards.
“Given the change of picture [and] our expectation of growth in the illegal market, we think this is important in terms of helping keep consumers safe. Innovation should be and can be one of our central consumer protection tools when it comes to the illegal market.”
Originally written by: Christian Lee
Source: iGaming Expert
Published on: 26 February 2026
Link to original article: UKGC: FCA crypto regulation will ‘change the picture’ for gambling
