Isle of Man’s gambling commission welcomes Bitcoin
As reported by Norskecasino.casino, the officials of the Isle of Man are in the process of introducing changes into the gambling legislation of the dependency, so as to make it more friendly towards Bitcoin and other virtual currencies. May 20 is the deadline for financial authorities and other stakeholders to suggest their comments and updates for the document called Gambling Regulation Package 2016 published by the Isle’s Gambling Supervision Commission (GSC) and containing the set of measures proposed by the latter.
The GSC of the Isle of Man are seeking to enable payments in cryptocurrencies for customers of licensed gambling operators by making such deposit and withdrawal transactions legally equal to cash payments. In the commission’s opinion, this can be done by patching up certain definitions in the act currently in effect, which should result in the final wording taking the form of “the deposit of something which has a value in money or money’s worth”, instead of the now-outdated “the deposit of money”. According to the GSC, in that case, the new wording would also include the possibility to conduct transactions in virtual currencies, and this is exactly what they are looking for.
As believed by Mark Rutherford, deputy chief executive of the GSC, the Commission’s initiative may be seen as godsend by operators who previously had no legal grounds to introduce crypto payments for their players. As for the social benefit, such step will only contribute to the economic growth and technological development of the dependency, meaning the necessity to clear the legal barrier is even more obvious.
The Isle’s Gambling Supervision Commission, Rutherford continues, are “ironing that out so that if the commercial climate [of the jurisdiction] in the future” becomes more favourable for payment methods that are powered by blockchain, their eventual adoption will not be prevented by what can be called the imperfection of legislation, “notwithstanding [the GSC] will have the final say on whether any given technology can be used”.