Duncan Kariuki

Bitcoin Gambling Legislation: The UK The UK is part of the group of countries which have adopted a wait-and-see approach to Bitcoin gambling and players consider the Gambling Act 2005 as largely friendly to this type of betting. In fact, apart from the usual requirements such as the need for providers to promote responsible play, the legislation doesn’t seem to have anything against crypto-powered platforms. Regulation and moderation of the betting sector is left to the Gambling Commission which works closely with licensing authorities to weed out bad elements. In this regard, the body has expressly banned all illegal betting activities and gambling-related corruption in all sports. The Passage of the Gambling Act 2005 was historic To industry watchers, it’s the passage of the UK Gambling Act 2005 (even before the Bitcoin came around) that planted the seed for the flourishing betting sector. The gambling commission –which is itself a creation of the Act-, was given full mandate to oversee the conduct of players and providers alike. Subsequently, all commercial gambling firms are licensed under the legislation and are expected to comply not only with the law but also with the expansive LCCP(Licence conditions & codes of practice).  Still on permits, all Bitcoin gambling businesses serving UK residents must obtain an operating license from the authority. In enforcement, the commission works with bodies such as the HMRC (HM Revenue and Customs) and the UK police for. The Treasury Believes Cryptos are Safe In addition to seemingly allowing gambling with virtual currencies, (at the discretion of the player), the government (through the Bank of England) has in the past concluded that cryptos didn’t pose any risk to the country’s monetary or financial well-being. This is, by any means, a big boost to everyone involved, not least, Online Bitcoin casinos such as the Wild Tornado Casino which have always loved the UK market. The positive impact of such a decree will be felt for long and could help boost the economy even as Norway takes a hardline stance again gambling. The 2018 Anti-Money Laundering Act May Introduce More compliance requirements Due to the growing concerns that digital money is being used for tax evasion and money laundering, some countries in the EU have been silently contemplating new ways to fight money laundering and terrorist financing. And so has the UK ,with the greatest sign being the enactment of the sanctions & anti-money laundering act which gained royal assent in May. The bill seeks to impose tougher sanctions on those found guilty of engaging in money laundering activities through Cryptocurrency exchanges and other Bitcoin accepting platforms. And with Britain preparing to leave Europe after the Brexit, it is hoped that the law will serve the country well in the future and help her meet the United Nations standards on money laundering. For the Bitcoin Gambling industry, there will definitely be more compliance and reporting requirements though the changes aren’t expected to be too drastic as to completely necessitate an overhaul of the system. New Regulations Mooted to Protect Consumers Like elsewhere in Europe where states fear that gambling comes at an inevitable social cost, the gambling commission has been working hard to create a policy that can best serve consumers. Just recently, the commission published a gambling-related harms report calling for views on the social expense of irresponsible gambling. According to Neil McArthur, the regulators Chief Executive, the undertaking was motivated by the need to come up with an agreeable approach that can shield the consumers against exploitation by Betting firms. “While the majority enjoys gambling without any harm, it can also have devastating effects on individuals, families and even communities” Said Mr. McArthur The report was a collaboration with GambleAware funding it while the RGSB ( Responsible Gambling Strategy Board) provided independent advice to the commision. What Does The Future Hold? Neither the gambling commission nor any of its partners have announced any plans to fundamentally change the existing legal framework. Thus, the omens look good for the immediate future and stakeholders have a reason to remain positive. Yes, the 2018 Anti-Money Laundering Act will be rolled out at some point. However, on further analysis, it’s a law that can actually benefit gamblers if it succeeds in keeping money launderers off the system. Similarly, any consumer protecting bills could create more confidence in the gaming arena and help reduce the social costs associated with over-indulgence in betting. Summary Because of a relaxed operating environment, the UK is a happy playground for gambling in general. One can also wager that the country is going to continue being welcoming for providers as well as bettors as there seems to be no radical changes planned. Furthermore, the Bitcoin remains the most well-known virtual currency thus Online Bitcoin casinos are well-placed to dominate the market -provided they are authorized by the Gambling commission. Players can also be optimistic with what is on offer so far and the choices provided to them by the betting companies.