Europe is increasingly becoming a digital currency-friendly continent. If there is a Bitcoin-friendly territory index, then the Isle of Man will definitely feature at the top. True to its intention of becoming the Bitcoin capital, Isle of Man has recently decided to relax its gambling laws to include bitcoin and digital currencies.
The Gambling Supervision Commission has called for a limited consultation for a period of one month, starting April 20, 2016, till May 20, 2016, with an intention of revisiting the existing gambling regulations and updating it to meet today’s standards. The Gambling Regulations Package 2016, presented by Mark Rutherford of Gambling Supervision Commission has published a document in this regard with proposed changes to the online gambling rules and regulations.
According to the document , the Gambling Supervision Commission has shortlisted 6 changes that can be incorporated to Isle of Man’s existing gambling regulations. These proposed changes, according to the document includes –
> making changes to the regulations to allow the digital currency to be accepted just like cash
expanding the list of services, a sub-licensee can derive from a full license holder.
expansion of voluntary gambling controls that an operator can offer players.
clarification of protection required for winnings that the Commission deems to be out of scope for protection
ability to offset unused portions of license fees against new licenses. These changes are shortlisted to make sure that the licensing regime for online gambling is simplified and doesn’t put an unnecessary burden on online gambling services providers. By recognizing digital currency on par with cash, cryptocurrency users can enjoy all the gambling services without any distinction between cash and digital currency.Also, by making bitcoin and other digital currencies legally acceptable by all online gambling services operating out of the country, the Isle of Man Gambling Supervision […]
