Gambling
The question
To ask the Secretary of State for Culture, Media and Sport, if she will take steps to introduce (a) identity checks and (b) spending limits for crypto betting.
Answered by Stephanie Peacock
There are currently no licensed gambling operators in Great Britain which allow payment using cryptocurrencies. If an operator wished to accept cryptocurrency as a form of payment, they would have to satisfy themselves and the Gambling Commission, the regulator for gambling in Great Britain, that they could meet their obligations regarding anti-money laundering before they notify the Gambling Commission of a change to their payment arrangements or obtain a licence. Should a licenced operator accept cryptocurrency payments they would be subject to social responsibility arrangements, like any other operator, these include having robust identity checks, providing tools for customers to set financial limits, and conducting financial risk checks for the most vulnerable customers.
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