Isle of Man’s Minister for Economic Development stated that he appreciated the attempt to provide the framework for the regulation of digital currencies, especially in Bitcoin-Based casinos.
Where did it begin?
The Isle of Man might be a little, windy island in the middle of the Irish Sea, but it is also one of the world’s most respected online gambling regulatory authorities. It also has a forward-thinking attitude towards new technology, as seen by the island government’s announcement earlier this month that it will put in place protections to safeguard users of digital currencies like Bitcoin.
The Department of Economic Development (DED) stated that its long-term goal is to create an environment that would enable firms to prosper in this “rapidly” developing industry. Bitcoin, a digital crypto-currency with a global circulation of more than $1.4 billion that operates outside of the central banking system and is transacted via encrypted peer-to-peer networks, is gaining traction among online gaming operators.
Positions of the License towards Bitcoin-based companies
The DED stated, “The Isle of Man understands both the hazards and potentially posed by digital and virtual currencies.” “Our position is designed to welcome anyone who can satisfy the minimum standards while also safeguarding the Island’s good reputation as a financial center… We believe that this market will evolve and change quickly, and as a result, we will monitor market changes and explore future regulatory regimes as needed,” the statement continued. “Of course, we will expect any business that engages in activities that are regulated under existing legislation to properly comply.”
A Regulation Framework
The DED announced that it intends to actively work with the Isle of Man Financial Supervision Commission to put in place a new framework that would aim to protect consumers and corporations by implementing anti-money laundering enterprise and other measures, but also informed that this would take “some time.”
The island’s Minister of Economic Development stated: “I applaud this initiative to establish a regulatory framework for the digital currencies. The Isle of Man is known not only for its inventiveness but also for its effective and pragmatic regulatory framework.”
The move, according to the Minister, underlines the island’s status as a “jurisdiction that welcomes enterprises that are well-controlled and compliant, while sending a clear message to those who attempt to operate outside the law that we will not tolerate it”.
The World’s First Bitcoin-Based and Bitcoin-Only Sportsbook
Meanwhile, the arrival on the scene of the Internet’s first Bitcoin-Based/Only sportsbook, BetVIP, launched this week with the promise of “adding transparency and legitimacy to the emerging currency,” as the World Cup is currently underway (which bookmakers predict will be the biggest betting event ever). While Bitcoin-only (fully bitcoin-based) online casinos have come before it, BetVIP is the world’s first sportsbook service to accept bitcoin wagers and payout withdrawals.
“BetVIP is not a publicity stunt — The company which has offices in Malta and South Africa, is a long-term commercial initiative,” says Daniel Schwartzkopff, the company’s founder. ” We are committed to the currency’s long-term viability, as evidenced by our gaming license and strict bet acceptance rules..” Mr. Schwartzkopff believes there is an enormous potential to establish a secure and reliable platform for Bitcoin users while also competing with existing online sportsbooks. Only regulated markets are accepted by the company. “Although we trade in an anonymous currency, we are providing complete transparency and accountability to our players in order to develop trust,” Schwartzkopff explains.
