Isle Of Man Regulator Mulls Digital Currencies

ISLE OF MAN REGULATOR MULLS DIGITAL CURRENCIES

30th April, 2016 at 09:42:13
Source: http://www.azonlinecasinos.com

Officials are considering regulatory changes to allow gambling services to accept digital currencies.

With the continued increase in the use of virtual currencies such as Bitcoin in online gambling transactions, the publication CoinDesk reports that regulators on the Isle of Man are currently weighing regulatory changes that would allow gambling services to accept digital currencies "as if they were cash", to ensure that the regulations remain relevant and watertight.

The CoinDesk report claims that the Isle of Man 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"

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