Bitcoin gambling falls in the same category as online gambling with a fiat currency. If online gambling is legal in the place you are in, gambling with Bitcoins is then considered legal; unless of course, Bitcoin is banned in that certain country.
In the UK, one of the most exciting online industries is Bitcoin gambling. It allows everyone to bet Bitcoins on different gambling sites like Casino, Sportsbook, Arcades, Lotteries, and others. Since it brings great benefits such as anonymity, prompt payment transactions, security, and others, numerous online players prefer to use this digital currency than conventional payment methods. However, with all the uncertainties surrounding Bitcoins, many are asking, “Is Bitcoin Gambling Illegal in UK?” or “Is Bitcoin casino legal in UK?”
Currently, UK policymakers suggested that while they are still considering their regulatory position about BTC, Bitcoin-based business, including of course Bitcoin gambling platforms, are not required to register with the regulators. Given this, online gaming portals accepting Bitcoins are not considered illegal from the time being. They do not necessarily need to be regulated or licensed by the UK Gambling Commission to fully run unlike online betting sites that support fiat currencies.
To completely answer the question of Bitcoin gambling’s legality in the UK, it is important to get a clear view of Bitcoin’s legitimacy status. Truth to be told, the view on this matter and Bitcoin casino regulation remain unclear. However, in the most recent message from the UK, it was proposed that Bitcoin won’t be treated a money, but it will be classified as single-purpose vouchers that could carry a value-added tax. At this moment, Bitcoin exchanges are given 20% VAT.
For now, the answer to “Is Bitcoin Gambling Illegal in UK?” is no. Since there are still no regulatory laws drafted and implemented for BTC, UK-based betting sites that are powered by this virtual coin can operate to cater to Bitcoin gamers from all over the world while players based in UK can of course gamble their Bitcoins.