Can You Gamble Online With Cryptocurrencies In The UK?

Bitcoin and other cryptocurrencies have become increasingly popular since their 2009 release. These digital coins have slowly infiltrated several domains, offering people the opportunity to invest and trade with this currency when following a long-term financial plan.

Online gambling has recently reached an all-time peak in terms of revenues, as more and more people are making the switch from land-based casinos to their website alternatives. Hence, it only makes sense that demands for incorporating crypto as an available currency in online casinos have started to become visible.

In today’s article, we will undergo thorough research on the possibility of using cryptocurrency as a payment method in online casinos, emphasizing the directives signalled by the UKGC in the past, and using our existing resources in order to try to predict what the future has in store for online crypto casinos.

Are Crypto Casinos Legal in the UK?

There is an intense current debate on whether or not cryptocurrencies should be allowed as a method of payment in online casinos in the UK. 

Technically, there is no governmental law that forbids online casino owners from introducing cryptocurrencies as a method of payment on their gambling websites. However, due to the strict requirements imposed by the UKGC, legally licensed online casinos are still unable to obtain permission to legally make cryptocurrencies an available deposit method for users.

So, while online casinos are allowed to apply for being granted permission to introduce cryptocurrencies as a payment method, no gambling website is meant to pass the Commission's checks at the moment.

The problem lies in the inability of online crypto casinos to pass the anti-money laundering verifications, as fraud is much easier to commit when someone uses cryptocurrencies instead of a physical payment method such as sterling pounds. Hence, until a tested safe solution is found, the Gambling Commission is expected to remain reticent on the subject.

Will The Gambling Act Review Add Legislation for Crypto Casinos?

An updated review of the 2005 Gambling Act should be introduced later this year and rumours surrounding a possible regulation of crypto casinos have been going around for months. However, realistically speaking, the chance of this rumour becoming a reality is rather slim.

According to the UK government, the greatest obstacle in the way of a lawful regulation of online crypto casinos is the payment method itself, as the Gambling Commission is striving to avoid money laundering at all costs.

The high volatility of the cryptocurrencies value is also a strong impediment to the clear legalization of digital coins in online casinos. Due to the latest fall of the cryptocurrency value, the UK government has become even more reticent about risking the financial safety of its citizens.

Allowing gamblers to use cryptocurrency when making a payment could have disastrous consequences for the finances of customers, as online casinos aren’t willing to offer users any protection if the value of this currency goes down suddenly.

Now, the main priority of the UKGC regarding online crypto casinos is finding a safe way for players to make payments that could offer them financial protection during periods of drastic changes in the value of digital coins. Moreover, combatting money laundering is also a top priority for the Gambling Commission.

Such measures must be taken by the UKGC in order for online casinos that want to introduce cryptocurrencies as a payment method to be subjected to the same strict regulations and requirements that offer players the guarantee of safe gambling. Hence, although UKGC strives to always remain open to the latest gambling innovations, the fairness and security of the betting process shall always come first.

The Crypto Alternative for Licensed Online Casinos

Crypto investors that want to access their digital money accounts when gambling on their favourite games may rejoice: there is still hope yet.

Thanks to a remarkable feature of the PayPal payment service, gamblers may be able to deposit and withdraw using their crypto accounts. KingCasinoBonus is suitable to offer gamblers full access to several casinos that accept PayPal payments, so crypto investors may process transactions using their favourite currency method.

By accessing PayPal casinos, the platform will process crypto payments by converting the funds to other accepted currencies, offering users the guarantee of secure and anonymous transactions.

UK Crypto Gambling in the Future

Finding a niche for cryptocurrency casinos shouldn’t be difficult, as both industries operate from online platforms. Moreover, the advantages of cryptocurrency casinos offering gamblers the opportunity to lower transaction costs and an increased speed of processing payments mustn’t be ignored.

At the moment, an upcoming update to the existing Gambling Act could offer crypto investors the opportunity they have been waiting for if the Gambling Commission opts to regulate digital coin casinos. 

However, although it may be too soon to make any predictions, due to the disastrous decrease in the cryptocurrency value that kept worsening during these past couple of months, we find a possible regulation of the crypto casinos to be highly unlikely.

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