Will the UK lift its ban on crypto casinos in 2024?

Will the UK lift its ban on crypto casinos in 2024?

The United Kingdom has an odd connection to cryptocurrencies. It is still unclear what to do regarding this nascent financial market; some argue that it ought to be permitted unrestrictedly, whereas others propose regulations comparable to those governing wagering. As an outcome, a nation has legalized cryptocurrency wallets and exchanges; however, only a limited number of establishments accept this digital payment method.

Regarding the intersection of cryptocurrency and wagering, apprehensions also surround its security for participants. According to a Sky News report at the time of writing, cryptocurrency casinos are prohibited in the United Kingdom. As more nations consider cryptocurrencies as viable wagering payments, it is reasonable to speculate whether the United Kingdom will lift this ban in 2024 or later.

Although no official indications of impending changes are apparent, we may speculate on the probability of a reversal.

The Argument In Favor Of The UK Crypto Casino Prohibition
One evident rationale for rescinding the prohibition is that individuals can already utilize online wagering platforms that accept cryptocurrency payments. A British gambler may join unregulated UK casinos and utilize their cryptocurrency purses.

In contrast to conventional wisdom, British citizens are not prohibited or hindered from accessing foreign casinos. You may join the website so long as it remains unlocked and admits members from the United Kingdom. Why does the United Kingdom government not remove its ban on crypto casinos licensed in the United Kingdom?

Since these sites are accessible to punters, wouldn’t it be in the government’s interest to ensure that they can locate crypto providers that are regulated by the UKGC?

There are two additional significant reasons why a moratorium on cryptocurrency gambling Mahadevbook is illogical and should be reversed:

UK Citizens May Lawfully Purchase Items Using Cryptocurrency
Although cryptocurrency is not permitted as payment for wagering transactions, Bitcoin and other crypto tokens can be used by residents of the United Kingdom to pay for a vast array of other services. This payment method is accepted by a multitude of retailers, including numerous online businesses.

This inquiry prompts the following: if cryptocurrency wallets can be utilized for other types of transactions, then why should wagering be an exception? It differs from credit cards, which require you to wager money you do not possess. Since your crypto assets are entirely yours, the transaction is identical to using a standard debit card.

British Banks Implement Cryptocurrency Restrictions
This appears to be an argument in favor of crypto bans at first inspection. Nonetheless, this is a central argument against the prohibition. The government is concerned about cryptocurrency volatility. The UK Gambling Commission therefore prohibits all licensees from accepting this method of payment.

When you think about it, limiting cryptocurrency transactions by institutions makes it extraordinarily secure. A user’s bank can only fund a certain quantity of cryptocurrency transactions, which is similar to an inherent betting limit.

Users would be prevented from overspending if cryptocurrency wagering were legalized.

Justification for Opposing the UK Crypto Casino Prohibition
Hopping over to the other side of the fence we can’t see many compelling arguments against overturning the cryptocurrency casino ban in the UK.

We are solely preoccupied with the volatility exhibited by Bitcoin and other cryptocurrencies. Prices experience substantial volatility within a brief time span, particularly in comparison to alternative FIAT currencies. This may not have a significant impact on players, but it has the potential to influence the operations of casinos.

Online casinos may be pleading with the government to maintain this prohibition because they do not wish to deal with such a risky digital payment. Think about it this way, if a punter spends £1000 at an online casino, the casino gets that money. The ability to view their earnings assists them in account management.

Suppose, however, that a consumer spends Bitcoin. The casino now has Bitcoin in its crypto wallet, the value of which can go up or down. They’re earned x amount now, but if it’s not immediately withdrawn or sold as cash, they could earn significantly less.

That’s the only viable argument in favour of keeping the ban that we can conjure up right now. Certainly, from a punter-safety perspective, it doesn’t feel as though denying crypto payments is doing anything.

Final Thoughts: Will We See A Change To The Crypto Casino Ban?
Right now, we don’t think there’ll be any changes – which is a shame as crypto can be a useful and safe payment method. We think the UK should take lessons from other territories and see how beneficial crypto payments can be. Maybe if it sees that crypto casinos in the US and across Europe aren’t facing issues, they’ll come around.

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