Casino News

UK Gambling Commission Says Yes To Bitcoins

By: Joan Peppin, Tuesday August 30th 2016
0 Comments   Email   Print

Bitcoin is the latest currency at online casinos. It offers several advantages. It is completely digital, has global access, is free from national regulation and can be traded with complete anonymity. There are some disadvantages as well. It is more volatile than other currencies because of limited supply and does not have official recognition. So far the only online gambling regulatory jurisdiction that has approved its licensees to accept bitcoins is Curacao. The Isle of Man Gambling Supervision Commission had submitted a proposal for its licensees to accept transactions made in virtual currencies, but acceptance has not been granted so far.

The situation is changing with respect to the second listed drawback, with the UK Gambling Commission declaring that bitcoin is an acceptable payment method. UK licensed online casinos can add bitcoin to the list of currencies available to players in due course. This decision was taken after a series of meetings with industry stakeholders and licensees. The UK Gambling Commission has released its latest updated version of the License Conditions and Codes of Practice (LCCP), which will take effect on October 31, 2016. Those players interested in checking out the LCCP should read the section that addresses the "cash and cash equivalents, payments methods, and services." This section instructs online casinos licensed by the UK Gambling Commission to implement appropriate policies and procedures concerning the usage of cash and cash equivalents by customers. Digital currencies have been added to the list containing bankers' drafts, cheques and debit cards. The UK Gambling Commission is one of the leading licensing and regulatory authorities. Its accepting bitcoins as a valid payment method for online casinos should pave the way for more players and regulatory bodies giving the go ahead for the digital currency.

However the Malta Gaming Authority is not allowing its licensees to accept bitcoins, at least for now. One reason is that the regulator perceives bitcoins as a risky proposition especially with regards to the technologies that come with it. The other reason is that very few of its licensees have requested bitcoin authorization. However, the Malta Gaming Authority is aware that bitcoin is gaining popularity in the online gambling industry. Therefore they will be keeping tabs on the situation. The regulator does not want to take a positive decision in isolation and is looking to foster a national approach to the digital currency. It will rope in other concerned organisations like the Malta Financial Services Authority, Financial Intelligence Analysis Unit and Malta's Central Bank before taking a call.

News Item Tools

 Email     Print     Digg    StumbleUpon


 Add Comment

Add Comment

You must be signed-in to add a comment: - Sign-in - Register

More News

Maldives Holiday At Roxy Palace
Winter Slots Wonderland At Golden Palace
Playtech Launches Innovative Galactic Streak Online Slot
Two Big Announcements From Microgaming
Latest Welcome Bonuses At Fortune Lounge Casinos

News Categories
RSS & XML Feeds
Subscribe to our News Feed Below:
Top 10 Ranked Online Casinos
Casino Name    
Jackpot City
 Read Jackpot City Casino Review
 Read EuroPalace Casino Review
Roxy Palace
 Read Roxy Palace Casino Review
All Slots
 Read All Slots Casino Review
Platinum Play
 Read Platinum Play Casino Review
Royal Vegas
 Read Royal Vegas Casino Review
Gaming Club
 Read Gaming Club Casino Review
Ruby Fortune
 Read Ruby Fortune Casino Review
Spin Casino
 Read Spin Casino Review
Casino Splendido
 Read Casino Splendido Review

More Top Rated Online Casinos

Search our site

Casino Bonuses

Game Information

General Information