Bitcoin has joined the online gambling space. The UK Gambling Commission (UKGC) has announced that all licensed online casinos in the UK will be allowed to use Bitcoin and other digital currencies as of October 31, 2016.
Licence condition 5.1.1 of the recently modified License Conditions and Codes of Practice (LCCP) states that cash and cash equivalents, including the usage of cash and cash equivalents such as cheques, banker’s drafts, digital currencies, and debit cards will now be allowed for the first time.
The announcement which was made without fanfare, addresses that as part of internal controls and financial accounting systems, all licensed online casinos must implement proper policies and measures in relation to the usage of cash by customers so that they reduce the risk of crimes such as:
- The giving of illicit credit to gamblers
- Money laundry
Bitcoin Framework: Malta Gaming Authority (MGA) Holds Back
According to Casino.org, the only other online gambling jurisdiction to have done this so far is Curaçao, a Dutch Caribbean island whose monitoring agenda is thought to be offhand. In May 2016, The Isle of Man Treasury sanctioned similar changes to its gambling laws and they are still waiting for the green light from the government.
The MGA reaffirmed its position that its approach to Bitcoin will remain conservative and it won’t be part of this framework.
