UK gambling regulator said business rules adoption cryptocurrency gambling. In updating their codes of practice for gambling, issued in July this year, Games UK Commission (UKGC) described the options of how licensees may carry out reception of so-called "cash equivalents" - definition given by the legislation, including digital currencies ( very similar to the term "money substitutes", but carries a different meaning - Ed)...
Change management policy was no loud noise to attract attention of the public and the press. Today is interest only from the gambling business and some news sources, such as Esports Observer.
While the details are still unknown innovations, UKGC advises to make the language pack in order to protect consumers and reduce financial crime such as money laundering.
The report states:
"Licensees, as part of its internal controls and accounting should implement appropriate policies and procedures relating to the use of cash and cash equivalents (such as bank notes, checks, debit cards and digital currencies) from clients, designed to minimize the risks of such crimes such as money laundering, to avoid illegal issuance of loans to customers and to provide assurance that their gambling license compliance. "
Updating the plan will come into force 31 October 2016.
It is noteworthy that the comments came just a month after UKGC in its latest annual report, it highlights a digital currency in the "area of special attention." We can say that UKGC announced its intention to continue to study is whether digital currencies fall under their mandate to ensure fair gaming practices
