The UK Gambling Commission (UKGC) has added digital currencies like Bitcoin to its list of acceptable payment methods available to UKGC licensees.

The UKGC recently released its updated License Conditions and Codes of Practice (LCCP) following a series of consultations with licensees and industry stakeholders. The new LCCP requirements are set to take effect on Oct. 31, 2016.

Section 5.1 of the LCCP addresses “cash and cash equivalents, payment methods and services.” Licensees are told that they must “implement appropriate policies and procedures concerning the usage of cash and cash equivalents (eg bankers drafts, cheques and debit cards and digital currencies) by customers.” (Emphasis added.)

The intention is to reduce the risk of money laundering activity and to “provide assurance that gambling activities are being conducted in a manner which promotes the licensing objectives.” Licensees were advised that they must “take into account any applicable learning or guidelines” that the UKGC may issue from time to time.