Black was fined £7,500 and handed a 10-game ban - seven of which have been suspended for a year - after admitting placing three bets that the side he was playing for would not win and gambling on 10 other matches involving his then club.
The former Hearts midfielder's charges related to a seven-year period stretching back to his Inverness days, while he was also warned over making 147 bets on matches not involving his team, which breaches the SFA's zero-tolerance rules on gambling.
Some Rangers supporters have reacted with anger and suspicion following the revelations but McCoist insists that the Scotland international's commitment to the Light Blue cause has never been in doubt.
"Everyone has got different opinions on it," the manager said of the fans' concerns. "I don't think he will need to work harder at all. He's working unbelievably hard and he's arguably been one of our best players so far this season."
The Ibrox boss confirmed that on top of his fine and ban, the player had been also issued with a club punishment but insisted he would be back in his plans once his three-game spell in the stands is up.
"[Chief executive] Craig Mather and myself have sat down and had a chat," he said. "Disciplinary action has been taken but it is an internal matter and that's the way it will remain.
"The [Scottish Football Association] decision has been made and he's been punished. Now we just move on.
"I have seen every one of his bets and I certainly don't have a problem with Ian Black playing for Rangers again. I don't have a problem with his commitment to our club, his commitment as a player, his commitment in all the games.
"So that's it for me, the issue is closed."
Defender Steven Smith - who is likely to replace the injured Lee Wallace for Saturday's League One fixture with Arbroath after he collected a hip injury on Scotland duty - insists Black has the backing of his team-mates.
"I have no issue lining up alongside Blackie, absolutely none," he stressed. "Everyone has got an opinion but I would love to have him in my team every week because I know he gives 100 per cent.
"I can only speak from the players' point of view but we are happy to have him. We'll be delighted when his ban is up."
While Black will be out of action until the end of September, McCoist is now able to call on the services of all eight of his summer signings.
Rangers had been barred from fielding any more than two of their new additions as trialists until after a registration embargo was lifted on September 1, but Cammy Bell, Nicky Law, Jon Daly, Nicky Clark, Arnold Peralta, Steven Smith, Richard Foster and Bilel Mohsni are all now free to play.
McCoist said: "We have got a few pleasant selection headaches because we have got now healthy competition for places. That has always been the case at this club and it is of paramount importance that we get it again.
"But these guys will have to earn their place. Possession is nine tenths of the law and in terms of your jersey, more than anything. If you are in the team and playing well, you deserve to be in the team. It would be totally wrong of me to say anything else.
"So without giving to much I would guard against wholesale changes but you will probably see one or two changes."
Also likely to be absent from the meeting with Paul Sheerin's Red Lichties are goalkeeper Scott Gallacher and defender Andy Mitchell after loan deals with Airdrie and Annan respectively were agreed.
But the Ibrox squad could yet be bolstered further after McCoist revealed former Hearts skipper Marius Zaliukas had impressed during a week-long trial stint.
"Marius has trained with us now for the last four or five days and we have been greatly encouraged by what we have seen," said the Rangers boss. "He will be having a discussion with Craig, hopefully today, and we would be very, very keen to get something done and put an offer to him."
Meanwhile, McCoist will be able to pick from all eight of his summer signings for the League Two clash with Arbroath at Ibrox after the club's transfer ban came to an end.
The Glasgow giants had been barred from fielding any more than two of their new additions as trialists until after a registration embargo was lifted on September 1 but Cammy Bell, Nicky Law, Jon Daly, Nicky Clark, Arnold Peralta, Steven Smith, Richard Foster and Bilel Mohsni are all now free to play.
However, left-back Lee Wallace is a major doubt after picking up a hip injury on Scotland duty while Ian Black begins a three-match ban for breaching betting rules. Goalkeeper Scott Gallacher and defender Andy Mitchell, meanwhile, could be on their way out of the club after loan moves to Airdrie and Annan respectively were agreed.
Provisional squad: Bell, McAusland, Wallace, McCulloch, Faure, Crawford, Macleod, Shiels, Templeton, Little, Aird, Gasparotto, Cribari, Law, Daly, Clark, Peralta, Smith, Foster, Mohsni.