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Industry Forum minutes for 3 March 2026

[Remote] Industry Forum Meeting

Members:

  • Kirsty Caldwell
  • Charles Cohen
  • Ashley Padgett
  • Mark Pearson
  • Nigel Roddis,
  • Leo Walker
  • Helen Walton
  • David Williams.

In attendance: REDACTED

Apologies: Tony Boulton.

1. Welcome, housekeeping, apologies and declarations of interest

Apologies for the meeting were noted. There were no new declarations of interest.

2. Illegal gambling and introducing cryptocurrency into the licensed market

REDACTED. The REDACTED is keen to address the risks of the illegal market, and whilst it is important to focus on supply it is also important to focus on what encourages consumers to go the illegal market. One reason is that the illegal market can offer consumers offers that cannot be provided in the GB licensed market.

Top search terms show there is a demand to use cryptocurrencies for gambling, particularly for younger consumers. The Financial Conduct Authority (FCA) have started to set out their route for regulation of cryptocurrencies. This is an important moment for the GC to consider more strongly how it would allow cryptocurrencies to be used in the licensed market. As the regulator, the GC does not have a lot of experience in cryptocurrency however this area is growing, and some external support has been sourced to learn more. There have been demands from some areas of the industry for the use of cryptocurrency and so it is important for industry to be involved in developing this work. The REDACTED wants Industry Forum (IF) to do some initial thinking about what the GC should be considering.

At this stage there will not be any detailed tasks set. Instead, this is an opportunity for members to discuss, as a Forum, what should be considered. Any proposals that require statutory change would not be a quick process. IF members should consider first steps that could be taken that do not require legislative change.

The GC acknowledges that there will be criticism to this work due to industry input. There will be questions raised about the risk of this work diluting consumer protection that must be considered.

The UK’s forthcoming Financial Action Task Force (FATF) review will also mean that impacts on AML checks will be of particular focus.

The key question around this work is ‘how can the GC get to the point where consumers can more easily use cryptocurrency in the licensed market?’ IF are offered a ‘blank sheet’ for how they can initiate this work. The REDACTED asked that members please keep the REDACTED informed and updated on their progress. IF members were asked if they have any questions or feedback:

IF members commented that this has been very helpful, and the IF welcome this work. Members understand that there will be some criticism about industry input and appreciate the reassurance from the GC around this. Is it the GC’s approach that it is certain that it wants to regulate the use of cryptocurrencies, or is it that the GC ‘might want’ to regulate the use of cryptocurrencies?

The REDACTED clarified that the assumption is that cryptocurrency will have a place in the licensed industry in the future. Working on this assumption, the first step is to consider how we get there. The arguments for and against the use of cryptocurrencies are high level and can be addressed quickly so it is best to start with an assumption that the GC want it to have a place in the licensed market.

The FCA has set a target of October 2027 for regulation of cryptocurrencies. The GC would be unlikely to make changes of the use of cryptocurrencies in the licensed market before this date. The GC will observe the work of FCA and their approach before making any significant changes. It would be useful for IF to provide some estimates for achievable timelines around this work. There will not be a ‘big bang’ moment to this, rather, it is expected that this will be a long-term project.

The REDACTED was asked how much IF can engage externally on this work? Cryptocurrency is complex and the types of transactions that could be used may be more limited in industry. They may need to be able to use a third party to build knowledge in this area.

The REDACTED agreed this will be necessary but asked that the IF liaise closely with the REDACTED about who to use. IF were reminded that when liaising with third parties, the Forum is not speaking on behalf of the GC.

The Interim Chair asked how the Forum might be kept informed about the work the FCA are doing around cryptocurrencies and was reminded that one of the GC Commissioners works at the FCA and so there is a good connection here. The REDACTED can help with these connections.

The REDACTED is happy for this project to be talked about in external communications, such as the upcoming GC podcast.

One member suggested that people use cryptocurrency because it provides anonymity which will not be allowed in GB regulated casinos, so introducing cryptocurrencies to the licensed market might not be a big strike against the illegal market but might be an added bonus for users of cryptocurrency.

The REDACTED explained that this is another tool to add to our toolkit. There is consumer and industry appetite for cryptocurrency, and this sends a message that the GC is also dealing with the demand side. Enforcement is not the only tool disrupting the illegal market. Where operators have got ideas for how to innovate and make offers better, the GC is open to hearing these ideas. It is important not to ‘overclaim’ this work.

The REDACTED agreed that introducing cryptocurrency will increase consumer appetite within the licensed market. The GC can help with links to the FCA where there are colleagues who have worked for the National Crime Agency previously. These connections will help with building knowledge. The GC’s view is to look at what is possible instead of ring fencing around risk appetite. If the GC stifles innovation from the start, it will limit itself further down the line. The starting point should be ‘what is possible’ more broadly.

An IF member expressed that they are happy to see the GC going in this direction of travel. Feedback from clients over the months is that there is lack of confidence around how to handle situations where they have seen customer statements and see cryptocurrency there. Some operators worry that the GC will take enforcement action against them for seeing customer funds coming from cryptocurrency.

REDACTED

It is helpful for the GC to know about this and is something for the Policy Team to consider as the GC’s messaging develops. Whilst there is not a ban in LCCP on using cryptocurrency (theoretically), using cryptocurrency as a deposit would be difficult at this stage.

The REDACTED hopes this engagement with IF shows that the GC is listening to the industry and approaching the forum at the beginning of new projects.

REDACTED

REDACTED

3. Anti Money Laundering (AML) update

The REDACTED updated IF members on the work that has taken place since the AML workshop in December 2025. The GC risk assessments are progressing well, and the team have gone through a data review. They will be using the same methodology as the 2023 assessments and including them when assessments are completed.

REDACTED

REDACTED

There is also ongoing work taking place with HM Treasury (HMT) in preparation for the FATF evaluation; this will include the provision of data and on-site assessments of the Casino sector. The REDACTED may come back to IF about this in the future.

The REDACTED has noted comments from IF members about operators needing clarity around accepting customers whose funds have come from cryptocurrencies and will bring this back to his team to discuss. He has found the discussion around crypto interesting and wants to visit this with the team.

Members thanked the REDACTED for this update and provided positive feedback on this.

REDACTED

4. AOB

Members would like to book an in-person meeting with cryptocurrency experts to talk about operations.

The Interim Chair will see if she can connect with experts who can provide information.

Ethical gambling forum – hosted by Flutter – members to catch up there too?

IF members will meet on their own in April 2026 for the first meeting around this and then provide feedback at their next meeting at the GC.

REDACTED

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