Implemented back on April 14, the move seeks to aid those who are most vulnerable to developing a gambling addiction. All operators who offer products to UK citizens must now comply with the measure of suspending all credit card payments. The official UKGC statement reads as follows:
“Operators must satisfy themselves that customers of that money service business cannot fund their e-accounts or e-wallets with credit card deposits and then use those funds for gambling.”
The legislation introduced as per licensing condition 6.1.2 has a clear purpose, the regulator explained – protect vulnerable customers and problem gamblers. Another thing that operators must look into is whether users have used credit cards to transfer funds into their e-wallets or other FinTech solutions that were then used to fund their casino accounts.
This will be considered a breach of the active legislation and lead to penalties for any operator who has not been able to limit such transactions. One method for those who wish to circumvent such issues is the adoption of cryptocurrencies, which have a clear funding model and offer publicity and transparency.
The crypto gaming industry has been successfully chugging along using blockchain-powered payments. There have also been many solutions designed to specifically facilitate FIAT and cryptocurrency exchanges and payments, such as Moonpay.
To be complaint with active UK legislation, any crypto operator available in the UK, however, will have to suspend credit card payments lest it prove a trampoline for problem gambling behavior.
Some of the casinos that offer great player protection, as well as bitcoin gaming include BitStarz and Bitcasino.io which have both been actively seeking to uphold regulatory norms and support player welfare.