The CEO of the Gambling Commission speaks out about the shape of the market in Great Britain and questions how they could work with cryptocurrency.
Andrew Rhodes delivered a keynote speech at the International Association of Gaming Regulators on October 20, with a range of talking points discussed. “One of the other things that we’re seeing and it’s been mentioned already and I’d be surprised if it’s not mentioned a lot more, is growth around cryptocurrency,” he said.
At the moment, there are no licensed operators in the UK offering cryptocurrency. The CEO has suggested there’s uncertainty of how it would be licensed, while warning that they know it is “widespread” in the illegal market.
While there may be a feeling of the unknown, Rhodes continued to share how he could see the pressure ‘building’ within Great Britain. “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.
“Which means over time there will be a generational cohort who currently, if they are using cryptocurrencies, do not have a space in the legitimate market. And what I personally felt maybe a year or two ago was perhaps a problem that was five years away. I think that is now maybe 12 months, 24 months away as we are seeing this grow.”
Gambling Commission CEO suggests topic of cryptocurrency will have to be discussed sooner rather than later
With the topic of cryptocurrency in the UK gambling space potentially needing decisions to be made sooner rather than later, the CEO further explains how it could bring some interesting and difficult questions “around how would you even try and work with cryptocurrencies given all the problem we know we have around traceability of funds.”
Later in the speech, Rhodes expressed how gambling is constantly evolving and how the market must keep up too. He touched on the topic of gambling tax, which has been greatly discussed over the last few months in the UK, and shared how an evaluation program is running to evaluate the impact.
Featured Image: AI-generated via Ideogram
The post Gambling Commission CEO warns UK must address growing influence of cryptocurrency soon appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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