The UK Gambling Commission has decided to allow using Bitcoin on the portals licensed by this organization. This innovation in the rules of the British gambling regulatory body is mentioned in the recently approved License Conditions and Codes of Practice. The changes provided by this set of regulations will be valid from October 31, 2016.
The policy of the UK Gambling Commission in the field of payments is obvious. It aims at reducing the usage of cash by offering payment systems and digital currencies. They should replace operations with cash in order to prevent money laundering and facilitate the regulation of gaming activities.
The issue of digital currencies is actively being discussed by various gambling authorities all over the world. Itís no wonder that the UK Gambling Commission has focused on Bitcoin. The approval of bitcoins may stimulate the popularity of other digital currencies on the gambling market. However, only Curacao-licensed operators may currently allow customers to use bitcoins.
The other gambling authorities want to follow examples of the UK Gambling Commission and the CuraÁao Gaming Control Board. For instance, the Isle of Man Gambling Supervision Commission is considering the legalization of payments made by digital currencies. In addition, the Malta Gaming Authority arranges a conference dedicated to this topic.
Anyway, gambling operators that use bitcoins will require getting a British license for providing their services. The UK Gambling Commission emphasizes the fact that the most important task of operators is to provide the security of customers, protect them from fraudsters, and avoid illegal activities. A currency used by operators plays the secondary role.