UKGC Declares Bitcoin as a Cash Equivalent, Allows Gambling with It
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....
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In Europe, online gambling has recently caught the attention of regulators in several countries. This sudden interest has been sparked by a desire among regulators to do more to curb problems normally associated with gambling. Some solutions that have been offered include greater transparency, licensing measures, prohibitions that make it harder for minors to engage in online gambling, and stricter rules on marketing and advertising. The concerted efforts to make online gambling safer, which is being touted as promoting “responsible online gambling,” has made it’s way to the UK where....
The UK's gambling regulator has clarified its rules for digital currencies. In an update to its codes of practice issued this July, the UK Gambling Commission (UKGC) outlined how licensees can implement appropriate policies for so-called cash equivalents, a definition under which digital currencies are captured. The policy change appears to have occurred largely without fanfare, to date drawing only recent interest from gambling industry news sources such as Esports Observer. Though short on details, the UKGC advises that the intention of the updated language is to protect consumers and....
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....
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 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....