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Crypto Firms Eyeing Gibraltar Gambling Market ‘Struggling With AML Demands’

Cryptocurrency firms hoping to take advantage of Gibraltar’s innovation-focused regulatory regime and offer services to gambling operators often do not seem to understand the rigour of licensing, its chief regulator has said.

“I’m prepared to sit and listen to” proposals, said Andrew Lyman, executive director of the Gambling Division. “We wouldn’t be adverse to it.”

But “they’re struggling to articulate how they would do AML (anti-money laundering) and CTF (counter-terrorist financing)” checks, said the former William Hill and UK Gambling Commission executive.

Lyman, who was speaking as part of a panel discussion at the recent KPMG Gibraltar eSummit, said he could envision cryptocurrency uses in peer-to-peer or exchange betting.

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