29 Apr '16, 2pm

Isle of Man Regulator Seeks Rule Change to Ease Bitcoin Gambling

Isle of Man Regulator Seeks Rule Change to Ease Bitcoin Gambling

The government of the Isle of Man is looking to plug a gap in its gambling regulations as they relate to bitcoin and other digital currencies. Officials are currently weighing regulatory changes that would allow gambling services to accept digital currencies “as if they were cash”. Specifically, the Isle of Man’s Gambling Supervision Commission (GSC) wants to tweak the definition of “the deposit of money” currently on the books to include “the deposit of something which has a value in money or money’s worth”, which would cover digital currencies. 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 Rutherford, no one is currently seeking approval to offer gambling denominated in digital currencies. He attributed this, in part...

Full article: http://www.coindesk.com/isle-of-man-bitcoin-gambling/

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