Altcoins News
By Pankaj K
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Britain's gambling watchdog wants crypto payments. The UK Gambling Commission said it's looking at letting licensed online casinos accept Bitcoin and other digital currencies, a…
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Tim Miller, the commission's executive director, dropped the news February 27 during the Betting and Gaming Council's annual meeting in London.
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Miller didn't mince words about the challenges ahead.
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He said crypto payments might cut down on illegal gambling sites, but won't automatically bring all operators under UK regulation.
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Consumer protection drives the commission's thinking. Their research shows cryptocurrency is a major search term leading British gamblers to illegal online gambling sites.
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The regulatory shift means big changes for existing firms.
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Companies already operating under FSMA authorization will need to adjust their permissions. Those registered under anti-money laundering or payment regulations must apply for…
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But the decision isn't final yet. The commission's exploration comes amid a broader regulatory overhaul in the UK financial sector.
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The potential use of cryptocurrencies in gambling transactions shows how payment systems are evolving.
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Industry reactions have been mixed so far.
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Some operators see crypto as a way to attract younger customers and streamline payments. Others worry about volatility and compliance costs.
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The UK's move follows a global trend where various jurisdictions explore crypto use in different sectors.
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At February 27's industry meeting, stakeholders expressed both optimism and caution. Participants noted that while crypto payments could enhance transaction efficiency, they also…
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The commission remains in dialogue with international regulatory bodies to learn from their experiences.
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The European Union's Markets in Crypto-Assets (MiCA) regulation, which takes full effect in December 2024, adds another layer of complexity for UK operators with European…
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