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Britain can no longer ignore the impact of cryptocurrency. As investments in digital assets become more commonplace, regulators must think about how they classify non-fiat currencies.
Regardless of legislation, the world is using cryptocurrency as a form of investment. This has left governments struggling to keep up, with each adopting very different stances. Yet offshore crypto gambling sites could be the hand that forces the United Kingdom to reconsider its approach to digital assets and currencies.
The UK’s Current Cryptocurrency Regulations
The crypto landscape has been fraught at best over the past two years. The US has chosen to embrace cryptocurrency wholeheartedly. Yet the Eurozone has remained sceptical, with worries that actions in the US could impact the zone’s monetary sovereignty and financial stability. Further afield in China, the country has launched an outright ban on the use of crypto, with the Bank of China even labelling it dangerous and in breach of anti-money laundering protocols.
Around 12% of British adults now own some form of cryptocurrency, and it is not something the British government can afford to ignore. In fact, it has often been pushed under their noses regardless. In November, the UK sentenced several Chinese nationals for their part in a large cryptocurrency fraud scheme, and found themselves with £5 billion worth of Bitcoin left handle. It is now being decided if this will be kept or returned to those who were defrauded, though this event took place in China.
The Regulatory Headache of Crypto-Based Gambling
Retail crypto investing and crypto gambling seem like two quite disparate entities. The first is the provision of a fleet of financial products, designed to increase capital, based around Bitcoin, Ethereum, and other cryptocurrencies. The second is a form of entertainment, which comes in the form of digital casino games and betting. They can be paid for using cryptocurrencies. The truth is that gambling with crypto is currently forcing regulators to rethink how they classify and control digital assets.
As the UK navigates the complexities of crypto gambling, players are constantly being advised to stick to licensed platforms. This can help them avoid unregulated risks. Choosing the best online casinos through trusted guides like igaming.com can help ensure that crypto deposits and gameplay remain secure, giving users peace of mind while the regulatory landscape continues to evolve.
Surprisingly, the Government’s recent white paper on gambling, which is still facing amendments and changes, has very little in it about the world of cryptogambling. This signals a general consensus that has been prevalent for some time: Ignore it, or face it with resistance. This may have been because of the elephant in the room when it comes to cryptogambling and assets: Anti-money laundering, along with player protection.
Despite the white papers ‘ omission, the Gambling Commission has at least started to acknowledge the existence of cryptocurrency in gambling. It released an emerging AML bulletin in April 2025, which discussed cryptocurrency. Though it still classified it as high risk, it did also understand that payment providers will accept this and warned that they should follow the correct protocols. This is an acknowledgement at least.
Changes Abound in UK Regulations
What is happening in the gambling sphere is not isolated. It is just a small fraction of the changes taking place, with cryptocurrency increasingly seen as an investment tool, yet also being used to pay for products and services. The Bank of England Governor Andrew Bailey has long been a vocal critic of cryptocurrency. He does not view it as a secure form of value like mainstream fiat currencies.
Yet the UK has made steps to embrace it regardless, even allowing products like Bitcoin and Ethereum ETNs. These exchange-traded notes are a debt security that tracks the performance of an index or asset. The Financial Conduct Authority has begun to respond and has published a “Crypto Roadmap” that will improve regulation and oversight between now and 2026.
The main target of this does seem to be stablecoins, which could have real-world implications if they are adopted by the gambling sector. The GENIUS Act in the United States recently set out its new rules for the use of these, stating each coin must be backed by a real US dollar 1:1. In contrast, China recently gave its intention to continue a ban on the use of stablecoins at all costs, believing them to be dangerous.
If the UK begins to adopt stablecoins for payments, then it will be a signal that the United Kingdom is wholeheartedly adopting a digital future. With their value pegged to that of a fiat currency, it will overhaul the payments and solutions ecosphere. This will provide faster and more secure payment methods, not just in the gambling sector, but elsewhere.
This could be a great leveller for UK-based, licensed casinos. Fast and secure payments through crypto are one of the main reasons offshore casinos are chosen over those based in the United Kingdom. Yet this would even the playing field, and could even usher in a new golden age of fast, secure online casinos based in the United Kingdom.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
