Isle of Man May Soon Be the Online Crypto-Gambling Destination
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....
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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 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....
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.....
Although gambling is a big industry, online gambling is still not as significant as it could be. Its proportion of the gambling industry currently hovers around 10%. However, over the last few years, online gambling have emerged as a popular choice among people. According to H2 Gambling Capital, the online gambling market in terms of gross winnings, has a global market value of €21.73bn ($28.54bn) in 2012. Interestingly, since the emergence of Bitcoin, the total value of online gambling is expected to increase multifold. It’s also true that gambling with Bitcoin only accounts for a tiny....
From the simple Bitcoin gambling site to the magnificent and complex world of Dragon’s Tale, the online gambling industry is re-inventing itself with the help of the digital currency technology. The Online Gambling Industry has always been in constant development. But now with the advent of digital currency, a new revolution is bound to shake the boundaries of every online business. The Bitcoin gambling Industry is growing faster than ever before. From what before was considered to be a tool for illegal activities, Bitcoin is today on the verge of completely disrupting the online space,....