UK Gambling Commission Views Bitcoin as Cash Equivalent
On the question whether Bitcoin is money or not is of great importance – concerning the anti-money laundering, taxation, legal arguments, etc. the UK gambling Commission has just made my opinion on this matter is clear.
The gambling Commission of great Britain
The UK gambling Commission is an independent body sponsored by the British Ministry of Culture, media and sport. It was created in accordance with the gambling Act (2005) regulation of gambling in the UK. It regulates a great variety of gambling, including lotteries, casinos, slot machines, Bingo, betting, etc.
Views on digital currencies
In the terms of the license issued by the Commission in July 2016, the Commission notes that the licensees should have appropriate policies and procedures relating to the use of cash and cash equivalents. It is important to note that the definition of equivalents include Bank bills, checks, credit cards and digital currencies like Bitcoin. Licensees should have controls in place to minimize the risk of such crimes, money laundering between.
The new license conditions effective from October 2016
The new license conditions effective from 31 October 2016. 3 months time was given for gambling operators to review the changes and ensure compliance. Licensees must regularly be informed about changes to legislation on gambling business, gambling methodical Commission and codes of practice.
The gambling Commission has wide powers of enforcement, including the imposition of additional license conditions, license revocation and the imposition of financial sanctions.
Other countries could follow the UK example
While the changes made by the gambling Commission of great Britain may not lead to an immediate increase in Bitcoin gambling, it creates a precedent. Countries of the world can lead to follow when they look at the Bitcoin regulation in the gambling industry. Gaming operator license in the UK may also help gaming companies to differentiate themselves from their competitors, given that the UK has an established gambling industry.
Plagarism Warning For Other Curators
FYI, here's the original source for this article. A very nice copy and paste with minor changes to avoid getting flagged. Stole the pic and all...
!cheetah ban
https://cointelegraph.com/news/uk-gambling-commission-views-bitcoin-as-cash-equivalent
))
And in other news...
A Judge in Florida recently ruled that Bitcoin wasn't money because it was not backed by any financial institution, was not a tangible good, or in anyway could it be considered a service rendered so it failed to meet the state's standards of a currency. LOL I love world politics sometimes...
Published in Arstechnica by CYRUS FARIVAR - 7/27/2016, 6:40 AM
See how easy it is to avoid Plagarising? Just cite your source Don't Cut & Paste.
Here's a link to the Full Article quoted above that I posted to Steemit if you want to see the full story.
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