Gambling: Cryptocurrencies

(asked on 8th December 2020) - View Source

Question to the Department for Digital, Culture, Media and Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, whether gambling using cryptocurrency is legal; and whether UK bookmakers are permitted to offer this service.


Answered by
Nigel Huddleston Portrait
Nigel Huddleston
Parliamentary Under-Secretary (Department for Digital, Culture, Media and Sport)
This question was answered on 16th December 2020

Cryptoassets are not illegal, but licensed gambling operators are only permitted to accept them as a payment method where they are able to ensure they are compliant with all Gambling Commission licence conditions and requirements, including anti-money laundering and safer gambling measures.

Operators are required to declare any changes to the arrangements through which they accept payment from customers to the Commission. This includes changes to the payment methods (including cryptoassets) or payment processors made available to customers to pay for gambling services. To date, no licensed operators have notified the Gambling Commission that they are accepting digital currencies or cryptoassets directly as payments but several have reported indirectly accepting funds derived from cryptoassets via a third party payment provider. In these cases, funds accepted by the licensee for gambling have been converted to fiat currency (£).

This content was generated for your convenience by Parallel Parliament and does not form part of the official record.
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