Bitcoin, the latest currency at online casinos, offers players a number of great advantages which includes the fact that it is completely digital, is free from national regulation, is accessed all over the world and can be traded with complete anonymity.
However, there are a couple of disadvantages to the latest currency as well. Limited supply thereof and the fact that it does not have official recognition make it more volatile than other currencies.
Curacao is First Jurisdiction to Approve Bitcoin
Curacao is currently the only online gambling regulatory jurisdiction to have approved its licensees to accept Bitcoins although the Isle of Man Gambling Supervision Commission submitted a proposal for its licensees to accept transactions that are made in Bitcoin currency. Acceptance has, however, not been granted so far.
The fact that the UK Gambling Commission has now declared that Bitcoin is an acceptable method of payment is changing the situation and licensed online casinos in the United Kingdom will, in due course, be able to add Bitcoin to the list of currencies available to their players.
The UK Gambling Commission’s latest updated version of the License Conditions and Codes of Practice (LCCP), has been released and will come into effect on Monday, 31st October 2016. Players who are interested in perusing the LCCP can read the section addressing the “cash and cash equivalents, payments methods and services.” This section gives online casinos that are licensed by the UK Gambling Commission instructions on how to carry out relevant policies and procedures that is applicable to the usage of cash and cash equivalents by customers.
The Malta Gaming Authority is, however, not allowing its licensees to accept Bitcoins for now as the regulator sees Bitcoins as a dicey proposition especially with regards to the technologies that come with it. According to the regulator there are not many of its licensees who have requested Bitcoin authorization.