Isle of Man may soon become the ideal hub for businesses dealing with cryptocurrency, giving the Bitcoin casino market a window of opportunity to evolve in the online gambling industry.
Recent reports show that its government is looking to fast track its efforts to regulate Bitcoin and other digital currencies by amending and passing legislations. The drive to provide a regulated environment roots from the possible economic growth to be led by cryptocurrency startups.
Bitcoin exchanges and other service providers continue to launch on the market, and they prove to be a great source of economic benefits through the Isle of Man’s government’s perspective as the latter intends to push its e-business sector to generate a 23% contribution to the island’s economy by 2020.
Gov’t creates a legal domain for cryptocurrency business
While other countries are taking a long time to address the global Bitcoin trend, Isle of Man has already amended the Proceeds of Crime Act, which is set to take effect in April.
Moreover, a new bill is making its way to the legislative body. The Designated Businesses Bill primarily involves businesses that hold large amounts of money and with a purpose to regulate all kinds of business activities. Bitcoin exchanges will be included, along with law firms, accountants, and estate agents.
According to Peter Greenhill, head of the government’s e-business division, the records of all such companies will be audited and checked to ensure the security of the individual users and the quality of services.
Bitcoin gambling may take cues from online gambling success on the island
The government’s plan to use cryptocurrency markets as the medium for economic growth is not far-fetched since it already experienced this first hand when it established a legal and regulated online gambling market.
Greenhill was quoted saying:
“If we go back 12 years, when e-gaming started, the island recognised there was a market that needed support and some legislation. If you look today where we are with that, we have some of the world’s biggest operators and tech suppliers setting up their headquarters and systems here”
Its friendly behavior toward gambling is a positive sign the Bitcoin casino operators and players will take any day since it hints at a possible advantage for gambling with bitcoins.
Some of the Bitcoin casino games available on the web are hosted on websites licensed on the island, and it may not be too long before betting with cryptocurrency becomes a formally legalized and regulated online activity.