Isle of Man Includes Digital Currencies in License Updates

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The Gambling Supervision Commission (GSC) of the Isle of Man will be jumping on the digital currency bandwagon, thanks to a number of updates to their licensing legislation prompted by feedback and consultations with the industry’s stakeholders. According to the official news update, licensees from Isle of Man’s gaming jurisdiction will now be able to work with digital currencies like Bitcoin.

The change, as commented by the Commission, was due to their dedication to offer a “supportive environment” for the e-gaming industry, but also stay among the top global leaders when it comes to legislative framework. The GSC states that they have on several occasions anticipated the future path for the online gaming industry and will continue to support it so they can sustain its momentum.

Isle of Man Casinos will now be able to accept Bitcoins

The relationship between the Isle of Man and digital payments has been a long and fruitful one. Apart from being a tax haven, the island has been reported several times in popular media as a place where e-commerce was flourishing and a digital currency hub where a Bitcoin revolution was in the making. In fact, its wide acceptance of the world’s leading cryptocurrency also earned its nickname of “Bitcoin Island”

But while the commercial acceptance of Bitcoins has been around for quite some time in the Isle of Man, it wasn’t until May of 2016 that the GSC announced that they will be making changes to the crown dependency’s gambling legislation. The change was part of what they called a Gambling Regulation Package 2016, which made several important amendments, including one regarding Bitcoins.

Thus, with the changes now in effect, operators licensed by the GSC will now be able to offer their customers the option to deposit, wager, and play using digital currencies like Bitcoin, but also other virtual commodities like skins.

Thus far, operators who wanted to run Bitcoin friendly gambling platforms had only but a few regulatory bodies at their disposal, like the Curacao eGaming Casino Regulatory Authority, where most of the high-profile Bitcoin Casinos like Bitcasino.io and Bitstarz Casino were licensed at. However, with the GSC now accepting Bitcoins, the number of BTC operators is likely to further increase.

Other Liberating Changes Introduced

Among the other changes introduced to the crown dependency’s gambling legislation were also the exclusion of payments required for network partners by a network services license holder, as well as the broadening of services offered by full license holders to their sub-licensees, which will now include the provision of games as well. The GSC will also now accept test certificates issued for other regulators by its license applicants, but only ones they cooperate with.

According to GSC’s CEO, Steve Brennan, the new changes are a response to the evolving local and global regulatory environment. By removing network partner fees, broadening services for sub-licensees, simplifying the test certification procedure, and accepting digital currencies, they have removed unnecessary obstacles from the regulatory process but also answered the demands that the technological progress has created.

February 8, 2017: • No Comments

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