UKGC Makes Playing Bitcoin In Online Casinos Legal

UKGC Makes Playing Bitcoin In Online Casinos Legal

The future seems bright for those looking for a Bitcoin casino UK, either as a gambler or as an operator planning to set-up one. One of the obstacles against Bitcoin in the UK is its legal standing.  Since its launch in 2009, the cryptocurrency has been dwelling a gray area in international laws, which slows down its acceptance. This is why it is good news that the UK Gambling Commission has recently changes its LCCP to indicate an acceptance of Bitcoin.

Legislative changes

The LCCP is the acronym for License Conditions and Codes of Practice. It is the UKGC’s primary document for the rules and regulations that a UKGC licensee should meet if they want to operate in UK territory.  The changes were made after a round of consultation with experts and licensees. With its release, the UKGC plans to fully implement it by October 31, 2016. The most significant part of the LCCP for Bitcoin is in Section 5.1 which is as follows:

“Licensees, as part of their internal controls and financial accounting systems, must implement appropriate policies and procedures concerning the usage of cash and cash equivalents (eg bankers drafts, cheques and debit cards and digital currencies) by customers, designed to minimise the risk of crimes such as money laundering, to avoid the giving of illicit credit to customers and to provide assurance that gambling activities are being conducted in a manner which promotes the licensing objectives.”

The section’s mention of “digital currencies” is the main change. Though it is intended to reduce the risk of money laundering activity, it also directly acknowledges the existence of cryptocurrency. This is a good move since it means that the commission is committed to changing times.

The march of progress

A lot of other gambling commissions have already considered the Bitcoin question. The Curacao Gaming Commission was the first to take the leap. Most of the online Bitcoin casinos in the market are currently licensed with Curacao. This is problematic for many since a Curacao license is not as good for UK players when it comes to protecting interests. Other commissions that are examining their options about Bitcoin are those from Malta and the Isle of Man.

Sooner or later, these commissions will have to consider what to do with Bitcoin. With the UKGC accepting digital currencies, Bitcoin has gained a high-profile supporter that can hopefully smooth the way for further changes, while players can now play legally in UK Bitcoin casino.