The Isle of Man’s Gambling Supervision Commission (GSC) and Treasury have approved changes to the island’s gambling regulation that allow virtual currencies like Bitcoin to be accepted as cash, according to a report from the GSC’s Mark Rutherford, deputy chief executive.
The regulation, called the Gambling Regulation Package 2016, includes other changes, such as expanding voluntary gambling controls that an operator can offer players.
The suggested changes remain subject to approval by government drafters, the report noted, although any deviations will be in wording rather than intent.
Cryptocurrencies Are Property
The regulation classifies cryptocurrencies as property rather than currency.
An operator will be able to accept virtual currencies subject to regulatory safeguards on the safety of the way value is stored and on the protection of value. The GSC also requires an operator’s cryptocurrency exchange to have a reporting requirement to a creditable financial intelligence unit.
Licensees will be allowed to open accounts for players who use convertible virtual currencies. A money deposit is required to open an account using a credit card, debit