- A new white paper on UK gambling has revealed recent changes to gambling regulations.
- The document was expected to reveal the impact of the legislation on cryptocurrencies.
- The Gambling Commission will continue its current oversight of the cryptocurrency gambling sector.
While the UK is pushing for sweeping Regulation in the field of encryption, part of the cryptocurrency industry is interested in an adjacent legislative initiative. The new gambling reform in Britain White papers It has been released, providing an updated framework for the gambling industry.
Crypto companies are closely examining how the new regulation will affect cryptocurrency gambling. Despite the growing popularity and innovation in online crypto games, regulations seem to be leaving crypto assets untouched.
Crypto regulations remain unchanged in the new gambling white paper
The 244-page historical document which Identifies proposed reforms For the gambling sector, it is the first of its kind since the initial Gambling Act of 2005.
Prior to its introduction, industry participants waited to see how the new regulations would deal with the use of cryptocurrencies in online gambling. However, the UK government decided to maintain the status quo.
The white paper will not impose any further restrictions on the use of crypto assets in gambling sector. Operators are still allowed to accept crypto assets as payment, provided they comply with the requirements issued by the Gambling Commission.
Before taking office, Prime Minister Rishi Sunak expressed his ambition to make Britain “global hubfor cryptocurrency.
on the flip side
- the United State Many other jurisdictions have shown an unfavorable approach to regulating cryptocurrencies.
- Earlier this year, the Basel Committee, a consortium of global financial regulators, called on banks to do so Reduce the risk of crypto assets.
Why should you bother
Without new and possibly stricter regulations, the UK crypto gambling industry will soon have one less problem to worry about. This is likely to reflect positively on gambling tokens.
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