Bitcoin remained in the shadow for years since its establishment. Today the destiny of the world’s first cryptocurrency looks much brighter as it is getting more popular across various small points of sale, online marketplaces, and, even government institutions in some countries.
Privacy, costs, security and speed of transactions makes the bitcoin a perfect way to pay online. Apart from that, transparency makes it a great way to arrange gambling activities. Having said this, in August 2016 there were two major news updates released by the leading gambling regulators – Maltese Gaming Authority and United Kingdom Gambling Commission. Even though the governmental bodies serve the same purpose, their decisions were quite different. Let’s find out more about this below.
MGA says no to bitcoin gambling
Whether a company offers regular online gambling or betting activities and wants to accept BTCs as a mean of payment, or whether it wants to actually offer its players an ability to bet and win bitcoins like Bitcasino.de – MGA does not allow both. The main reason behind such a decision is that bitcoins are hard to monitor.
Even though it is the current decision of MGA, it is not actually very surprising. Law has been always way behind the developments in technology, and, it is expected that not every governmental institution would be positive about bitcoins.
UKGC seems bitcoins as any other type of cash
Unlike its Maltese sister, UK Gambling Commission has released the news that since October 2016 it will allow all of the online gambling institutions that are regulated in the UK to accept bitcoins and other types of cryptocurrencies as any other sort of cash. This means that a player will be free to choose amongst a wire transfer, credit card deposit, Skrill, PayPal, cheque, bitcoin, or even a dogecoin when depositing the funds. This is especially good for the companies that offer purely bitcoin gambling.
As mentioned earlier, a leading German bitcoin gambling portal Bitcasino.de could greatly benefit from this decision. Currently it has to be regulated in Curacao, a country that is loyal towards bitcoin gambling. However, with the recent news from UKCG it might make sense for the company to move under the wing of the British gambling regulator, as this way it will be able to offer its core services under a complete regulation in Europe. Having said this, it is still important to see whether Britain will be able to hold its European passporting when it comes to licenses.