Bitcoin Casino Regulation in 2016
While 2015 has been a great year for the bitcoin, 2016 seems the be a promising year for bitcoin gambling industry. In August bitcoins have been confirmed to be seen as cash equivalent by the UK Gambling Commission. What does that mean? In simple words, the residents of UK had to either avoid gambling with bitcoins or had to play with bitcoin in unregulated casinos. Next to this, purely bitcoin casinos were not able to get authorised by the regulators. This is certainly a great update for the bitcoin as a digital currency and gambling industry.
In contrast, regulators in another country that is quite important for the gambling industry – Malta, has shown its negative attitude towards bitcoins. Malta Gaming Authority representatives have stated that the regulator received quite a few queries about making bitcoins acceptable, yet this queries were never approved. The main reason behind it is the lack of regulatory framework behind decentralised cryptocurrencies.
Even though our society is slowly moving to digital currencies and cashless society, it is still possible to see quite different governmental opinions when it comes to regulating such innovations as bitcoins. While bitcoin gambling is certainly superior to regular cash in terms of speed, costs and anonymity, the later seems to be an issue with some of the gambling regulators. It is a common knowledge that regulation has always been behind the technology, yet if other countries adopt MGA’s point of view, it may actually be quite harmful for the whole sector. As long as regular online casinos cannot obtain a permission to use bitcoin as a betting currency and keep their license, it creates quite some market for unregulated bitcoin casinos. Hence, it seems like gambling with bitcoins will be authorised sooner or later as, because of bitcoin’s technology, it is not possible to stop bitcoin gambling.