Bitcoin allowed in Isle of Man
The Gambling Supervision Commission and Treasury have changed the island’s gambling regulation to allow virtual currencies.
UK.- The Isle of Man’s Gambling Supervision Commission (GSC) and Treasury have approved changes to the island’s gambling regulation that allow virtual currencies like Bitcoin to be accepted as cash. The regulation classifies cryptocurrencies as property rather than currency.
The new regulation, called the Gambling Regulation Package 2016, comprises other changes, such as expanding voluntary gambling controls that an operator can offer players. These changes remain subject to approval by government drafters, but any deviations will be in wording rather than intent.
An operator will be able to accept virtual currencies subject to regulatory safeguards on the safety of the way value is stored and on the protection of value. The GSC also requires an operator’s cryptocurrency exchange to have a reporting requirement to a creditable financial intelligence unit.
Under the new regulation, licensees will be allowed to open accounts for players who use convertible virtual currencies. A money deposit is required to open an account using a credit card, debit card or other means the commissioners approve.
GSC has also proposed to change the phrase “deposit of money” to include the words: “a deposit of money or the deposit of something which has a value in money or money’s worth,” so the format of the money’s worth still requires the GSC’s approval.
