The Isle of Man was one of the first places in the world to embrace Bitcoin and the Blockchain technology. It wants to be a world leader in cryptocurrency and to achieve this they are changing the rules to make it easy for crypto related companies to be based there.
One of the changes that the Government is looking to implement is making regulatory changes that would make it easy for BTC gambling company to accept the currency as though it was real cash.
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The rule changes to the laws of gambling will change the definition of money to include cryptocurrencies. It would then allow gambling companies using BTC or other digital currencies to accept these forms of payment without any problems.
The GSC chief executive Mark Rutherford is at the forefront of changing the regulatory framework. He hopes that the Isle of Man is able to attract the largest Bitcoin Casinos and digital currency gambling companies to set up shop there.
The Economic Development Department of the Isle of Man has a proactive approach to digital currencies. They want to remain one of the world leaders in this new technology. Changing the regulations so that they are friendly toward BTC related companies including Bitcoin Gambling firms is another positive step they want to. It will help to ensure that they remain the number one place for crypto related business ventures.
For more information about this click the link below.
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 […]
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This post was last modified on December 16, 2021 1:55 am
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Will other countries follow the Isle of Mans lead and help improve regulation for #Bitcoin #Gambling and Blackchain related businesses?