The Isle of Man’s Gambling Supervision Commission and Treasury approved changes to laws that will allow digital currencies to be accepted as cash deposits for online gambling sites, says casino.org. The island will also permit the licensing of online gambling companies for the purposes of dealing in digital currencies.
Under the terms of the new regulations, digital currencies are defined not as currencies, but as “property.” The Gambling Supervision Commission has proposed that wherever the phrase “a deposit of money” occurs within its gambling legislation, this should be changed to “a deposit of money or the deposit of something which has a value in money or money’s worth.”
The Gambling Supervision Commission said that operators will be subject to regulatory safeguards on the protection of value and the security of the way value is stored. Operators’ currency exchanges will also have reporting requirements to a credible financial intelligence unit.