Bitcoins may be a virtual currency, but they are real enough money for Spain.
The country’s State Secretary of Treasury has instructed potential Spanish bitcoin casino operators that they will be treated the same as real-money online casinos and must be licensed.
The opinion came after a law firm representing bitcoin proponents sought clarification from the government on virtual currency betting.
The inquiry asked regulators if virtual currencies are real money.
The Treasury said “the bitcoin is an exchangeable virtual currency between users, and can be converted to Euros, US dollars and other currencies.
The Treasury says that bitcoin is not money, but they do consider it as such since the Spanish Gambling Act may apply to those gambling services that operate in crypto-currencies.
The firm also asked if online gambling operators were required to obtain a regulating license and pay a fee. The Treasury said that any activity of betting is considered within the definition of online gambling wagers, therefore a general betting license must be obtained as well as a singular license.
The State Secretary of the Treasurer is the Spanish’s gaming regulator that foresees, controls, authorizes, regulates and penalizes illegal gambling activities in the state.
