The British Gambling Commission is sounding the alarm: crypto gambling is growing so fast that regulation cannot wait much longer.
According to CEO Andrew Rhodes, major problems could arise within 18 months. He calls it a development that was expected ‘in five years’, but which is now becoming reality at record speed.s
Younger generations are increasingly using crypto as a means of payment. And that brings risks. Rhodes says that if the sector does not take action, this new group of players will soon fall completely outside the regulated market.
This discussion is also in full swing in Belgium. The question of whether cryptocurrency casinos should be allowed to operate legally in our country has still not been clearly answered.
Governments must not ignore the rise of crypto casinos
Rhodes’s warning words are clear: the government must intervene before it is too late. He emphasizes that the Gambling Commission itself cannot issue licenses to crypto casinos without political approval.
“If you open the door, you won’t get it shut again,” he said during his speech.
According to him, the government must ask itself whether crypto should even count as a legitimate source of funds. And what conditions you then set for casinos that use crypto as a payment method.
In the United States, some crypto casinos already go much further. Platforms like Stake have enormous influence there, even though they often operate from grey areas. Read how Stake redefined crypto casinos in the American gambling world.s
Belgium must think about regulating cryptocurrency in gambling
The warning from the United Kingdom is also relevant for Belgium. Our country has so far not had clear legislation regarding crypto gambling. Yet it is becoming increasingly popular among young players. That brings risks such as money laundering practices and addiction.s
Especially now that crypto wallets are appearing more frequently in criminal files, the pressure to intervene is growing. Anyone wanting to know more about what crypto casinos entail can find out more via this guide.
The British regulator is already advocating for close cooperation with other countries. Because the risks are international, and the technology does not stop at the border.