Live casino crypto gambling in the UK could just become a reality as the UK government considers regulating certain coins. (Image from Jievani Weerasinghe on Unsplash)
Potential for Improved links Between the UK Gambling Sector and cryptocurrencies could be on the horizon.
Currently under the UK Gambling Commission’s (UKGC) regulatory framework, online casinos are unable to find a feasible way to integrate crypto payments onto their platforms. The same can also be said casinos under the Malta Gaming Authority (MGA licensing). The issue us that many UK players prefer playing online casino game with crypto which has led to a rise in what the UKGC calls ‘Black-market Gambling’. Reported figures could be considerably lower if the UKGC devised a plan that could properly regulate crypto transactions on UK casino platforms.
For players that play at UK live casinos that re avid crypto gambler, there is some good news on the horizon. The country might soon witness the influx of certain digital currency forms due to the probable readiness of some local government leaders to give the currency a go-ahead. The implication of this proposed development to the UK gambling is that they could start accepting some digital currency as a means of payment if the government recognizes the currency.
According to an official announcement from the UK government, stablecoins will soon become regulated and the UK Treasury will be in charge of the regulation. From recent moves made by the authorities, it is clear that they are making the regulation achievable and not simply as a hope. Reports also have it that the authorities have already drafted legislation on the regulation of stablecoins in the UK so that they can become an officially acceptable means of legal payment in the country. Currently, the UK government’s preferred cryptocurrency remains unknown, but they can choose from plenty of available options. Some of the best-known options according to experts are Tether, DAI, and USD Coin.
Stablecoins are digital currencies with a price designed to be fixed to fiat money, exchange-traded commodities, or cryptocurrency. These coins are also connected directly to fiat currencies, and they differ from other digital currencies in terms of value; their value is supposed to be in line with the value of their fiat counterpart. This explains why some notable fluctuations in value hardly affect stablecoins as it does to other cryptocurrencies like Bitcoin and Ethereum.
UK Treasury Set to Turn UK Into A Global Cryptocurrency Technology Hub
Experts have projected that the recent move by the UK treasury to recognize cryptocurrencies as a legal alternative to real money will help the country push its way forward into becoming a global digital currency tech hub just as the government visualized it. The Chancellor of the Exchequer, Rishi Sunak revealed that the UK government’s apprehension and hesitation to quickly take advantage and adopt cryptocurrency could make the financial services industry in the UK to be at the forefront of technology and innovation.
As earlier mentioned, if the initiative by the UK government scales through, the UK gambling sector will also be affected as they will enjoy certain benefits. Digital currency and gambling have had close links, so the relationship is set to become even stronger with any new decision the local government makes in that direction. Digital currency transactions are usually cheaper and are fast paced than using bank transfers, credit, and debit cards. With cryptocurrencies, on the other hand, businesses can easily remove the existing barriers in cross-border payments and also broaden their global presence.
According to the UK Treasury, the UK might eventually allow some other types of digital currencies after a thorough review of the proposal by the government later in the year. No more details have been revealed on the matter for the time being.
Reports have it that about 9,800,000 people residing in the UK hold cryptocurrency. This figure represents a 6x increase from the number in 2018. As a result, it makes perfect sense for the government to regulate digital currencies more stringently which would also bolster not only the online casinos industry, but also eCommerce companies and retail stories willing to install crypto-ready POS systems.
Should the UK government firmly move forward on this topic, live casino companies that are already cryptocurrency, namely Pragmatic Play Live and Evolution would be the first to offer live casino crypto gambling in the UK.