Isle of Man to license bitcoin use for online gambling

Regulation | May 3, 2016 By:

The Isle of Man’s Gambling Supervision Commission (GSC) approved changes to laws that will allow bitcoin to be accepted as cash deposits for online gambling sites.

Mark Rutherford, deputy chief executive of the GSC, told CoinDesk that the move addresses “a small hook in our gambling law” – but one not necessarily being driven by demand from licensees.

According to the document, the Gambling Supervision Commission has shortlisted 6 changes that can be incorporated to Isle of Man’s existing gambling regulations. These proposed changes, according to the document includes –

  • Making changes to the regulations to allow the digital currency to be accepted just like cash
  • Expanding the list of services, a sub-licensee can derive from a full license holder
  • Expansion of voluntary gambling controls that an operator can offer players
  • Clarification of protection required for winnings that the Commission deems to be out of scope for protection
  • Ability to offset unused portions of license fees against new licenses