Bitcoin and other digital currencies seem to be experiencing a year of luck and great success, a few of these digital currencies have received the seal of approval and have been added to a list of acceptable payment methods available to UK Gambling Commission (UKGC) online casino licensees.
The updated License Conditions and Codes of Practice (LCCP) were recently released after a series of talks with licensees and industry stakeholders.
“The UKGC announced that the new LCCP requirements
will take effect on the 31st of October 2016.”
With the intent to reduce the risk of money laundering activity and to provide assurance that all gambling activities are done in a way that promotes the licensing objective, the UKGC has added Section 5.1. This section of the LCCP is aimed directly at all banking methods and services, licensees are also told to add the appropriate policies and procedures when it comes to the use of cash and other payment methods by players.
The UKGC will be accepting digital currencies (such as Bitcoin) with the hopes that these alternative currencies will lead to a growth spike. It has been a battle to get it accepted over the years and the jurisdiction of Curacao is one of the very few that allows their gambling licensees to make use of Bitcoin as payment. Bitcoin has become quite popular due to the incredibly benefits it offers to players.
Many online gambling commissions are slowly but surely opening up to the idea of allowing their online licensees to make use of virtual currencies. A UK license will be required by any Bitcoin gambling operator who wants to serve the UK market. One of the biggest reasons these virtual currencies received the green light is because it could possibly ensure that crime is separated from gambling and that players truly experience a safe and secure online casino experience.
Bitcoin has been receiving quite a lot of publicity and this could ultimately result in even bigger success for this virtual currency. With the UK finally giving their stamp of approval, the only way now is up.