UK regulators plan to allow cryptocurrencies for betting payments

According to Bloomberg, the UK Gambling Commission is planning to assess the feasibility of allowing gamblers to use cryptocurrencies for betting payments, in line with the UK's push for a regulatory framework for digital assets.

The report states that the Financial Conduct Authority is expected to finalize regulatory rules related to crypto assets this year, with plans for them to officially come into effect by the end of 2027. UK gambling companies may be able to apply for cryptocurrency business licenses under the new regulatory system in the future.

Tim Miller, Director of Research and Policy at the UK Gambling Commission, stated that the relevant exploration will be incorporated into the broader regulatory process for digital assets.