Regulations regarding digital currency may be up for a change in the Isle of Man as they consider making changes to Bitcoin and the like. Such changes will see the gambling services industry accept it just as they would cash.
The Isle of Man’s Gambling Supervision Commission (GSC) also aims to alter its definition of what it considers “the deposit of money”, which is currently defined as “the deposit of something which has a value in money or money’s worth” and doesn’t apply to virtual currency.
According to CoinDesk, Mark Rutherford, deputy chief executive of the GSC, explained that the changes address “a small hook in our gambling law”.
Rutherford also commented, “We’re ironing that out so that if the commercial climate in the future becomes less challenging for block-chain based payment channels, it won’t be our law that prevents their adoption (notwithstanding our Commission will have the final say on whether any given technology can be used.)”
The Department of Economic Development has been on board with the concept of digital currency having updated its regulations to accommodate them. Last year the government took steps to merge rules regarding domestic digital currency startups under the umbrella of its anti-money laundering laws.
Bitcoin is a hot topic once again as several online casinos have added them to cashier services. As a result players can deposit and withdraw at sites like Sloto’Cash.
Japan has bills in the works that recognize the crypto currency as real money. More information on this available in our ‘Bitcoin Now Seen as Real Money in Japan’ article.