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UK Gambling Commission Embraces Bitcoin

UK Gambling Bitcoin

The UK Gambling commission is embracing cryptocurrency. It is now classed as money which means that casinos, sportsbooks and bookmaker who accept BTC or Crypto as payment are not breaking any regulator rules.

The independent body regulates all gambling activity in the United Kingdom which includes, bingo, arcades, betting, casinos and lotteries.

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The 2016 licensed conditions states that gambling licensed business have to have an appropriate policy along with procedure for cash and equivalents. The fact that equivalents is included is great news for Bitcoin related businesses.

It covers digital currencies along with cheques, bankers drafts and debits card.

The regulatory changes will encourage new Bitcoin and Cryptocurrency gambling firms to set up in the UK. The changes in regulations with help Great Britain lead the way in BTC. It will hopefully encourage other countries to implement the same changes so that this sector can grow internationally.

The UK has one of the largest gambling sectors in the world. Over the coming years we could see all the leading betting companies start implementing a payment system for Crypto. Once this happen it is sure to increase the price dramatically and help it become more mainstream. Read the full article below from Coin Telegraph.

The question on whether Bitcoin is money or not has immense implications – with respect to anti-money laundering regulations, taxation, legal arguments, etc. The UK Gambling Commission has just made its views on this issue clear. UK Gambling Commission The UK Gambling Commission is an independent body, sponsored by […]

Click here to view original web page at UK Gambling Commission Views Bitcoin as Cash Equivalent

This post was last modified on May 14, 2021 1:13 am

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Daniel

I am the founder of Bitcoin Casino No Deposit Bonus and have been studying concurrency technology since 2013. I have been traveling South East Asia for the last 6 years and am a huge gaming fans that takes part in eSports competitions. I love relaxing on a evening watching the sun set with a cold beer and great music. I also teach other travelers how to become digital nomads so they can become free of the system.

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