Jez San fears for "anti-blockchain" Gambling Commission
FunFair founder says the UKGC lacks the level of compromise and flexibility needed for dealing with new technologies
FunFair founder Jez San has warned the “anti-blockchain” UK Gambling Commission risks driving innovation offshore with restrictive crypto regulations.
The company recently withdrew its UK licence application and moved some of its tech team to Dublin, citing the competitive UK market and risks posed by Brexit as reasons behind the withdrawal.
However, EGR also understands regulatory roadblocks were also a major factor behind the decision to bypass the UK in favour of more crypto-friendly jurisdictions like Gibraltar and Malta.
“Our blockchain technology is up there with the best of any company and that could have been seen as UK innovation, but now it is going to be Maltese innovation or Irish or wherever else we go,” San told EGR.
“We have come along with technology that guarantees that gaming is fair and we can’t even do it in the UK – it is so frustrating.
“Other markets are clearly pro-blockchain and the UK is anti-blockchain and that is a real shame,” he added.
FunFair founder Jez San
San believes the UKGC’s decision to focus on identity verification (KYC), anti-money laundering measures (AML) and general data protection regulation (GDPR) means the regulator isn’t prepared to make blockchain and crypto regulation a priority at present.
He said: “The UKGC seems to be focused on KYC, AML and GDPR and I don’t think they have fully reconciled those with the blockchain.
“Blockchain and crypto is obviously very different to fiat, and a certain level of compromise and flexibility is needed when you consider new technologies.
“I don’t know if they are ready to do that, whereas other jurisdictions are clearly ready because they are already embracing it.
“I wish the UKGC would follow their remit more closely because their remit is all about safety for players and protecting the vulnerable and our tech can do that.
“But if they worry too much about KYC, AML and GDPR, then there won’t be any blockchain in the UK which will push innovation offshore and give other jurisdictions a head start – a massive one.”