UK Gambling Commission to Allow Licensed Online Casinos to Use Bitcoin
has joined the online gambling space. The UK Gambling Commission (UKGC) has announced that all licensed online casinos in the UK will be allowed to use Bitcoin and other digital currencies as of October 31, 2016.
Licence condition 5.1.1 of the recently modified License Conditions and Codes of Practice (LCCP) states that cash and cash equivalents, including the usage of cash and cash equivalents such as cheques, banker’s drafts, digital currencies, and debit cards will now be allowed for the first time.
The announcement which was made without fanfare, addresses that as part of internal controls and financial accounting systems, all licensed online casinos must implement proper policies and measures in relation to the usage of cash by customers so that they reduce the risk of crimes such as:
- The giving of illicit credit to gamblers
- Money laundry