A Look At The Legality Of Crypto Casinos In The UK
Even though cryptocurrencies have been around for more than a decade, it was actually a couple of years ago when online casinos started implementing them and accepting them as payment methods.
There are currently numerous crypto casinos to choose from, both in the UK and internationally. The reason behind this is straightforward – crypto transactions are much quicker, more secure, and more privacy-oriented than regular cash transactions, which is why more and more people are turning to crypto casinos.
Still, there’s so much bafflement regarding cryptocurrencies and their use in gambling, so today, we’ll discuss everything there is to know about the legality of crypto casinos in the UK. And for those players keen to start gambling right away, we got the finest online casino offers UK right here.
Is Gambling With Crypto Legal In The UK?
First and foremost, yes, players can gamble using cryptocurrencies as payment methods in the UK. However, it’s not as simple as it sounds, as crypto gambling in the UK is still not fully regulated, and there are certain restrictions.
For instance, even though the gambling platforms are regulated, the issue is that digital (crypto) transactions are not, and that’s what makes things complex.
Suppose the gambling platform from the UK wishes to allow cryptocurrencies as payment methods. First, they need to get the relevant authority (UKGC) approval and pass all the necessary anti-money laundry checks.
However, this process may be lengthy, so there are still so many online casinos from the UK that don’t accept crypto.
In a nutshell, crypto gambling in the UK is somewhere between legal and illegal since, officially, the current Gambling Act hasn’t been updated since 2005, which is why there’s no word of cryptocurrencies in there.
Will Crypto Gambling In The UK Become Fully Regulated?
The latest Gambling Act from 2005 is set to be reviewed somewhere in 2022, and the chances that the government will add legislation for crypto casinos are very slim. This review is supposed to cover all elements of gambling in the UK, including esports, sports betting, online gambling, and much more.
According to the government, the most significant matter in question with crypto casinos is the payment itself, as they are trying their best to prevent money laundering.
Furthermore, another issue with crypto gambling is that cryptocurrencies are volatile, so the players aren’t protected from potential financial losses if the price of crypto goes down.
The UK Gambling Commission now wants to focus on obtaining sufficient information on how citizens of the UK view crypto gambling and decide whether they should regulate cryptocurrencies in gambling or not, based on the feedback.
Their primary goal is to protect the players from all the potential liability that cryptocurrencies may bring. Although they are always open to the latest technologies and gambling innovations, UKGC simply wants to ensure that everyone can gamble safely and fairly.
How To Gamble On Crypto Casinos In The UK?
Just because there’s a limited choice of the crypto casinos in the UK doesn’t mean players can’t expand their choice and gamble on international gambling platforms that accept cryptocurrencies. Various offshore crypto casinos accept players from the UK, and in fact, these casinos are preferred by UK players compared to domestic ones.
Essentially, the process of gambling on crypto casinos is the same regardless of the location, and here’s how to do it in a few simple steps:
- Opening a crypto wallet.
- Buying crypto and depositing it in a wallet.
- Choosing the gambling platform.
- Depositing crypto.
- Playing online casino games.
Evidently, anyone can start gambling with cryptocurrencies easily. Still, again, it’s worth mentioning that the choice of online casinos is of utmost importance and that players should only bet on regulated and licensed gambling platforms.
It remains to be seen what will happen with crypto casinos in the UK, mainly because gambling platforms have to prove where the funds originated from, and with crypto, that’s exceptionally challenging.
That is why we believe that the chances of UKGC adding the crypto legislation are a bare possibility. Still, a miracle could happen, and the UK gambling fans who’d like to use crypto as the payment method should hope for the best.