A proposed new duty for the Bank of England could support faster payment innovation. It would not give gambling operators permission to accept new payment methods or reduce their compliance duties.

HM Treasury proposed on 27 August 2026 that the Bank of England receive a secondary objective to support innovation in payment systems and emerging forms of digital money. The measure could affect payment infrastructure used by Great Britain’s licensed betting and online casino sector.

The proposal does not change gambling rules or authorise any new payment method. Financial stability would remain the Bank’s primary objective.

The Government plans to introduce the change through amendments to the Financial Services and Markets Bill. House of Lords debates are scheduled for 7 and 9 September 2026. No effective date has been announced.

What the proposal would change

The proposed objective would require the Bank to support innovation in payment systems and emerging digital money. This would include systems using digital settlement assets such as stablecoins.

The Bank would report to Parliament each year on its progress. The measure remains a government proposal. It is not enacted legislation, a consultation outcome or a new Gambling Commission licence condition.

  • Financial stability would remain the Bank’s primary objective.
  • The innovation duty would apply to payment systems under the Bank’s supervision.
  • The proposal would cover systems using digital settlement assets, including stablecoins.
  • Parliament is expected to consider the amendments in September 2026.

Why operators are watching

Payment infrastructure affects customer deposits, withdrawals, fraud detection and the movement of customer funds. Faster settlement could reduce delays and improve resilience when a bank, processor or payment network suffers an outage.

The proposal would not by itself allow a licensed betting operator or casino to accept stablecoins from customers in Great Britain. Operators must continue to comply with the Gambling Commission’s Licence Conditions and Codes of Practice, which took effect in its current online form on 29 July 2026.

Under Licence Condition 5.1.2, covered remote betting, casino and bingo licensees must use a payment service provider when the payment method involves regulated payment services. The condition has applied since 31 January 2024.

Verification remains the central test

The Gambling Commission requires online gambling businesses to verify a customer’s age and identity before allowing that person to gamble.

Operators must also assess whether a payment method creates risks linked to fraud, money laundering, terrorist financing or third-party funding.

The Commission says new payment methods must be included in an operator’s risk assessment. Licensees cannot simply rely on a payment processor to complete customer checks on their behalf.

A faster payment is not automatically a safer payment. The operator remains responsible for knowing who funded the account, where the money came from and whether the transaction fits the customer’s risk profile.

The Commission has identified prepaid methods, some e-wallets and cryptoasset-linked funds as areas requiring heightened scrutiny. Operators must also report certain changes to their payment methods or payment processors as key events.

Stablecoins face separate controls

The Bank of England published a policy statement and draft rules on systemic sterling-denominated stablecoins on 22 June 2026. The proposed framework targets stablecoins that could become widely used in payments and create risks to UK financial stability.

The Financial Conduct Authority is expected to regulate the issuance, custody and trading admission of qualifying UK-issued stablecoins. The Bank and the FCA would jointly regulate systemic stablecoins after HM Treasury recognises them as systemic.

The Bank said regulated stablecoins could operate in the UK from 2027, subject to the finalisation of its rules. That timetable concerns the wider stablecoin framework. It does not create an automatic right for gambling operators to accept stablecoin deposits.

What happens next

The immediate legal stage is parliamentary consideration of the proposed amendments. The House of Lords debates on 7 and 9 September 2026 will indicate whether the measure advances, changes or faces further scrutiny.

For Great Britain’s gambling sector, the practical consequences would come later. Any operator or payment provider introducing a new transaction method would need to demonstrate that it protects identity checks, closed-loop payment controls, customer-fund processes, fraud monitoring and anti-money-laundering safeguards.

The proposal could make the UK’s payment rails more flexible, but it would not remove the compliance burden from licensed gambling businesses.