UK Gambling Commission Views Bitcoin as Cash Equivalent
The question on whether Bitcoin is money or not has immense implications – with respect to anti-money laundering regulations, taxation, legal arguments, etc. The UK Gambling Commission has just made its views on this issue clear. UK Gambling Commission. The UK Gambling Commission is an independent body, sponsored by the UK Department for Culture, Media and Sports. It was set up under the Gambling Act (2005) to regulate gambling in Great Britain. It regulates a wide variety of gambling activities including lotteries, casinos, arcades, bingo, betting, etc. Views on Digital Currencies. In the....
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The U.K. Gambling Commission (UKGC) now sees digital currencies such as bitcoin as a cash equivalent that its licensees could accept as a payment method. This is contained in a new version of its Licence conditions and codes of practice (LCCP). The newly-released document includes changes from recent consultations. Its Section 5 which addresses payment-related issues says: Licensees, as part of their internal controls and financial accounting systems, must implement appropriate policies and procedures concerning the usage of cash and cash equivalents (eg bankers drafts, cheques and debit....
The UK gambling regulatory body, UKGC has amended its regulations, allowing online casinos to accept and distribute Bitcoin wagers and payouts respectively. Residents of the United Kingdom now have something to cheer about, especially if they love online gambling. The recent amendments made to the gambling regulations by the United Kingdom Gambling Commission (UKGC) will allow people to gamble away their bitcoins on platforms licensed in their own country. The changes made by the UKGC to License condition 5.1.1 of the “License Conditions and Codes of Practice” includes digital currencies....
NetBet recently announced that it has become the first U.K. licensed online gambling operator to accept bitcoin payments to its U.K. customers. As the U.K.’s largest leading betting operator, NetBet has decided to start accepting the digital currency, bitcoin, in an attempt to reach the expanding customer base that uses bitcoin in the U.K., reports gambling news site, Calvin Ayre. Bitcoin accepted! In August, the U.K. Gambling Commission (UKGC) announced that it sees digital currencies as an equivalent to cash that licensees could accept as payment. In a new version of its License....
The UK Gambling Commission will be stepping up its efforts to regulate online gambling, as it issued a warning to bitcoin gaming operators to get the necessary licenses or face penalties. The commission stressed that regulations require gambling websites that offer services in the UK to have a license regardless of the currency it uses. "We wrote to these operators because they were either advertising gambling illegally or illegally offering gambling products to consumers or both," said UKGC CEO Jenny Williams. "The Commission neither prohibits nor encourages bitcoin. We are interested....
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....