Gibraltar's New Gambling Regulations! Why You Should Care
Last updated: May 28, 2018
Last updated: May 28, 2018
As far as gambling licenses go, the Gibraltar Betting and Gaming Association (GBGA), is considered to be one of the most trusted within the remote gaming (online gambling) industry. In fact, the tiny British overseas territory has long been a leader in the online casino legislation front. The GBGA is continuously seeking new methods aimed at improving the way in which online casinos operate, always with the best interests of the gambling public in mind.
In recent months, the licensing body of Gibraltar has passed new regulations centred on cryptocurrencies such as Bitcoin and Ethereum, as a legitimate method of making online casino deposits and as a fast and safe method for receiving winning payouts. The need to issue new regulations can be directly linked to the rise in the popularity of cryptocurrency, not only as an investment but also as a spending tool within the online world.
The Gibraltar Gambling Commissioner (GGC) is the body that issues remote gambling licenses and regulates its members within the online iGaming industry. The commission is also responsible for ensuring that it stays abreast of any new changes that directly affect online gambling. Since the launch of the cryptocurrency Bitcoin in 2009, the GGC have embraced the virtual currency and have been leaders in integrating it into gambling. This has resulted in a number of new regulations and legislation being passed while others have been amended.
The Digital Ledger Technology (DLT) regulatory framework is one of the first regulations passed by the Gibraltar Gambling Commissioner which directly relates to cryptocurrencies. This regulation lays the foundation for all other cryptocurrency legislation to come and has had a direct effect on crypto casino license holders. Essentially, the DLT states that every crypto casino licensed in Gibraltar is required to be transparent and not to mislead in any way. The DLT also requires crypto casinos to ensure that all crypto currency-based promotions clearly stipulate terms and conditions of use for all of their customers.
One of the most significant provisions the DLT makes is for customer wealth and asset protection. Crypto casinos and other businesses using cryptocurrencies are required to create effective processes and install specific protocols to monitor and protect customer’s money and assets. These processes and protocols should also incorporate disaster recovery contingency plans, directly benefiting their customer base.
As a casino player, any new regulation that is passed will either have a direct or indirect impact on your overall online casino gaming experience. For all intents and purposes, it seems that Gibraltar’s cryptocurrency regulations will most likely affect you directly.
Given Gibraltar’s lenient tax laws and gambling framework, the country has long been somewhat of a safe haven for gambling organisations and investors. The steps taken by the government to legislate and govern cryptocurrency ensures that you as a player are always protected, with the requirements of the DLT being crucial to ensuring the protection of players' rights.