- A new UK gambling white paper revealed recent changes to gambling regulations.
- The document was expected to reveal the legislation’s impact on crypto.
- The Gambling Commission will continue its current monitoring of the crypto-gambling sector.
As the UK pushes for sweeping regulation in the crypto space, a segment of the crypto industry is paying attention to an adjacent legislative initiative. Britain’s new gambling reform white paper has been released, providing an updated framework for the gambling industry.
Crypto firms are closely examining how the new regulation would impact crypto in gambling. Despite the growing popularity and innovation in online crypto games, the regulation appears to leave crypto assets untouched.
Crypto Regulations Unchanged in New Gambling White Paper
The landmark 244-page document, which outlines the proposed reforms for the gambling sector, is the first of its kind since the initial Gambling Act of 2005.
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Before its introduction, industry participants awaited to see how the new regulations would tackle the use of crypto in online gambling. However, the UK government has decided to maintain the status quo.
The white paper will impose no further restrictions on using crypto-assets in the gambling sector. Operators are still allowed to accept crypto-assets as payment, provided they comply with the requirements issued by the Gambling Commission.
Before coming to office, Prime Minister Rishi Sunak expressed his ambition to make Britain a “global hub” for crypto.
On the Flipside
- The United States and many other jurisdictions have demonstrated a less than favorable approach to crypto regulation.
- Earlier this year, the Basel Committee, a consortium of global financial regulators, called for banks to limit the risks of crypto assets.
Why You Should Care
Without new and potentially more stringent regulation, UK’s crypto gambling industry will soon have one less issue to worry about. This will likely reflect positively on gambling tokens.
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