Isle of Man Considering to Regulate Bitcoin Gambling

bitcoin-logo-75x75The licensing jurisdiction Isle of Man where lots of UK gambling sites are licensed is considering to make changes to its regulations so that Bitcoin and other virtual currencies can be encompassed. This way all deposits using Bitcoin or other similar currencies will be at an equal level as regular money deposits. Until now, the definition for money deposits didn’t apply to virtual currencies. The Gambling Supervision Commission in Isle of Man has explained that this way the regulations will be ironed out and be more specific, which will help avoid some issues. More specifically, this is cooperation with the government on preventing money laundering under the smoke screen of digital currencies.

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