Bitcoin Gambling Approved in Isle of Man by Regulator
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, according to a report from the GSC’s Mark Rutherford, deputy chief executive. The regulation, called the Gambling Regulation Package 2016, includes other changes, such as expanding voluntary gambling controls that an operator can offer players. The suggested changes remain subject to approval by government drafters, the report noted, although any deviations will be in wording rather than intent. The....
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The government of the Isle of Man is looking to plug a gap in its gambling regulations as they relate to bitcoin and other digital currencies. Officials are currently weighing regulatory changes that would allow gambling services to accept digital currencies “as if they were cash”. Specifically, the Isle of Man’s Gambling Supervision Commission (GSC) wants to tweak the definition of “the deposit of money” currently on the books to include “the deposit of something which has a value in money or money’s worth”, which would cover digital currencies. Mark Rutherford, deputy chief executive of....
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....
Known as the Bitcoin Island, the Isle of Man is turning its attention to blockchain to boost its FinTech and digital payments sector as it continues its efforts at establishing digital businesses on the island. After the Isle of Man’s Gambling Supervision Commission (GSC) and Treasury approved changes to the island’s gambling regulation last year, allowing currencies such as bitcoin to be accepted as cash, the island is hoping the adoption of blockchain applications will give the island the push it needs to further establish itself. Brian Donegan, from the Isle of Man Government Department....
The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital currency”. Some have condemned this choice, while others applaud the innovative aspect and calling this step a “historical” one for digital currencies and Bitcoin in particular. To celebrate and....
The Isle of Man could become the Switzerland for Bitcoin as the small island’s government has been quick to react to the growth of digital currencies. Over the past twenty years the proliferation of the internet has brought about a golden age of gambling. Regulating this rapid growth has been a massive challenge for legislators globally and with the growth of crypto-currencies this task has become a lot harder. So, why are some countries doubling-down while others are leaving the table? History of bending rules. Few people outside of the British Isles will know much about the Isle of Man.....