Isle of Man bitcoin

Isle of Man goes beyond just regulation

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Recently, Isle of Man has followed the s decision and made a change in its gambling regulation. Today the territory sees bitcoins and other cryptocurrencies as an equivalent to any other cash. This means that the casinos and various gambling operators regulated by the Isle of Man Gambling Supervision Commission (GSC) are now able to accept deposits in bitcoins, litecoins and other virtual currencies. Next to this, the licensed operators can also offer its users to maintain the account balances in the cryptocurrency of their choice. On top of that, casinos that have been only dealing with the bitcoin gambling are now able to seek license from the GSC, this will provide a great regulative umbrella for the companies that used to operate in a grey area.

The website informs that the Isle of Man has gone beyond that and set its main aim to become the blockchain heart of Europe. Such a practice is expected to boost up its bitcoin gambling attractiveness for the operators, as well as provide a substantial base for various fintech startups that are dealing with the bitcoins. As the Isle of Man officials commented, the technology used in the bitcoin, the blockchain, still remains rather experimental and it will take quite some time to see it present in the modern financial systems. Yet its benefits are clear. The blockchain may significantly enhance the weak points of the current financial systems, especially when it comes to the transparency.

During the last few years we have already seen blockchain disrupting quite a few industries. Starting from just regular payments, the blockchain has occupied a significant place in the insurance and banking sector. Even though some people may have serious doubts towards commercial blockchains and their scalability, the technology is expected to mature in a few years from now. Considering the environment in the UK after brexit, Isle of Man expects to attract many fintech companies, especially the ones that are focusing on the blockchain. With such an inflow of blockchain developers and with the official regulation of bitcoin gambling, Isle of Man may certainly become a bitcoin gambling capital of Europe.

Isle of Man goes beyond just regulation was last modified: January 24th, 2017 by CasinoNews.Today