The acceptance of Bitcoin in Europe as an efficient and convenient payment method is growing rapidly, but if we try to find a spot on its map that can be called a future BTC paradise, our finger will most probably point at the Isle of Man. In actual fact, this Britain’s dependency seeks to become the world’s cryptocurrency capital, and its authorities are determined to make the necessary changes to the legislation.
From April 20 to May 20, 2016, the Isle of Man’s Gambling Supervision Commission, or GSC, held a limited consultation aiming to revise gambling related acts currently in effect and make corresponding amendments to them, so as to bring the legislation in line with some of the operators’ demands.
Isle of Man Gambling Regulations
Earlier this year, GSC issued their Gambling Regulations Package 2016, which contains a set of issue-related changes proposed by the Commission, including the expansion of services offered by license holders that sub-licensees can take advantage of, impose upon operators the duty of enabling gamblers to use an extended range of voluntary activity controls, and, even more importantly, introducing the required regulatory changes that would facilitate the acceptance of cryptocurrencies by way of traditional payment methods.
The latter measure aims at letting all virtual gambling portals licensed in the Isle of Man and operating abroad/overseas accept payments in Bitcoin and altcoins from their customers on legal terms, and, by this means, enhance their attractiveness globally. Also, in case the proposed amendments are eventually adopted, full licensee will get a chance to offer a wider range of back-office services to sub-licensees, including those related to lotteries and online sports betting.
Other than that, the changes will authorize operators to introduce customized control functionalities for their users, and thus facilitate for a more efficient targeting of the harmful impact of gambling some players are susceptible to.
Isle of Man GSC
Overall, the set of measures proposed by GSC in their Gambling Regulations Package is designed for both gambling services providers and all users of cryptocurrencies, including those who make deposits and withdrawals in BTC and other ‘coins’ on various casino and betting websites. Still, it is for the dependency’s finance authorities and other officials to either finally approve or reject the Commission’s proposals.
As long as the decision is taken in favour of the changes, soon enough the Isle of Man may witness a rush of virtual casino businesses from all over the globe seeking to be registered in this jurisdiction and obtain a corresponding license.