UK Gambling Commission Chief Warns Crypto Regulation Is Now Urgent
Speaking at the International Association of Gaming Regulators (IAGR) conference on Monday, Rhodes warned that what he once viewed as a five-year issue is now just “12 to 24 months away.”
The rapid rise of cryptocurrency use has accelerated the UK government’s and Gambling Commission’s need to regulate digital assets, according to Andrew Rhodes, Chief Executive of the Gambling Commission.
Speaking at the International Association of Gaming Regulators (IAGR) conference on Monday, Rhodes warned that what he once viewed as a five-year issue is now just “12 to 24 months away.”
“It’s difficult to see how we would licence those who are offering crypto casino, but we do know in the illegal market it is widespread,” Rhodes said.
“We also know that the demographics under 40 are starting to use cryptocurrencies a lot more — in fact, for many, crypto assets are more dominant than fiat currency or fiat-based assets.”
Rhodes cautioned that the growing popularity of crypto could lead to a “generational cohort” of players who effectively “do not have a space in the legal market.”
He described the trend as raising “interesting and difficult questions” for regulators, particularly concerning traceability, anti-money laundering risks, and terrorist financing.
“Do you start to look at cryptocurrencies as demonstrating a source of wealth, or can they be a source of funds?” he asked.
“These are going to be governmental-level questions. They’re not, in reality, questions for individual gambling regulators, but that pressure is definitely not going to go away — and we can certainly see that building within Great Britain.”
In his speech, Rhodes also touched on ongoing UK gambling reforms, including financial risk checks and findings from recent illegal market reports published by the Gambling Commission.
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