The Isle of Man Legislates Again
If you are a frequent bitcoin gambler you may need to read up on some new regulations before making your next bet. Today it was announced that the Isle of Man Gambling Supervision Commission will implement various changes regarding the structure of licence distribution. The GSC is an independent statutory board that oversees regulations of e-gambling like such sites as Fortune Jack Casino.
Changes are expected as the commission has received a series of feedback and consultations regarding the way the Island is thriving from its e-gaming sector. Specifically, the Isle of Man has a successful past of implementing effective and favorable legislation. Recently, legislation has helped this gambling industry thrive, but also increase and improve upon the protection of its customers. The legislation was last passed back in 2001.
For those unfamiliar, the Isle of Man Gambling Supervision Commission was established in 1962. It remains to this day a British dependency, but not actually within the jurisdiction of the United Kingdom. Therefore, it is not bounded by the UK laws. Instead, it is a self-governing entity that can do as it pleases. This is why e-gambling has become a fan favorite of this part of the world. Rivalo, for example, is an online bitcoin casino that has many players from the Isle of Man registered with many accounts.
This Commission has paved the way for casinos online to acquire proper licensing in order to open for business. The Online Gambling Regulation Act of 2001, is responsible for regulating and instructing how one can acquire a licence when thinking about opening an online casino for betting, and random or chance games.
The Isle of Man has been very effective in the development of Gambling and e-gaming businesses. It has been very supportive in its jurisdiction as it ensures a strong regulatory environment and stable leadership, as reflected in the amendment of regulations that enable it to accept test certificates issued to other Gambling regulators.
What are the Changes?
The main change which is catching our attention is that digital currency is not open to all customers. Anyone will be able to freely use their bitcoin accounts to deposit, withdraw, gamble, and play with any digital currency. This excites us most because already Bitcoin casinos are on the rise and the GSC validates their existence with this new regulations. Casinico which already has a strong Isle of Man following now has the ability to expand its customers because of this new extension of the law.
Other changes include:
- Network licensing processing
- Additional charges will no longer apply for network partners
- Current Licence holders will incur charges to maintain their network service
- A full licence holder will not be able to extend services beyond the current status of sub-licences
- Back office systems will be available specifically for those holding a sub-licence below a full licensee
Steve Brennan, Chief Executive Officer at the GSC stated that: “These new regulations respond to the changing regulatory environment both locally and internationally”, Steve Brennan, CEO of GSC said. “With the removal of fees for network partners, a simplified test certificate procedure, a broadening of the services, licence holders can offer to sub-licensees and the recognition of digital currency payments we have reduced unnecessary regulatory burdens and responded to technological advancements,” he added.
The Benefits of Opening a Casino in the Isle of Man
There are many reasons to open a casino in the Isle of Man, and now that bitcoin is an open
The Isle of Man has a simple tax strategy which makes it user-friendly and financially attractive. Due to its jurisdictive power, it offers a single license which solves the problem of countries having different rules. Moreover, it also offers duty as low as 1.5% and 0.1% on gross gaming yield. It offers no capital gains of tax, and income tax payable is estimated to be 120,000 British Pounds per individuals.
The firm is very distinct from other firms due to its stable government. There is an easy access to the key decision makers as they are made up of individuals instead of parties. In addition, the Isle of Man certificate holders has easy access to the United Kingdom market as they are free to advertise there. There is no fear of being whitelisted.
The entity through its as received applaudable comments from several people including Daphne Caine, a member of the Department of Economic Development with responsibility for e-Gaming.
“The Isle of Man offers a highly supportive environment for e-Gaming and e-Business companies,” she said. “The Island continues to cut a path at the forefront of legislative developments and has succeeded in anticipating the future needs of industry on a number of occasions. E-Gaming remains a tremendous area of growth for our economy and the Department will continue to work to support the sector to maintain this momentum,” she added.