The Isle of Man’s gambling regulations have been amended to allow virtual currencies such as Bitcoin to be used like cash at online gambling sites licensed by the jurisdiction.
The isle’s Gambling and Supervision Commission and its Treasury approved the change. Other amendments approved include expanding voluntary gambling controls that an operator can offer players.
The changes still need approval by government drafters, but the commission noted that any changes would be in wording of the regulations and not in their intent.
The new regulations classify cryptocurrencies as property rather than currency. According to CryptoCoinNews, an operator will be able to accept virtual currencies subject to regulations on the way the value is stored and on the protection of value. The commission will also requires an operator’s cryptocurrency exchange to report o a creditable financial intelligence unit.
Licensees will be allowed to open accounts for players who use convertible virtual currencies. A money deposit is still required to open an account using a credit card, debit card or other means.
The commission has also proposed a change to the regulations term “deposit of money” to include the words: “a deposit of money or the deposit of something which has a value in money or money’s worth” where the format of the money’s worth still requires the GSC’s approval.
Another change in the regulation is to clarify that sub-licensees can use all parts of a full licensee’s platform. This is seen as helping smaller start-up operations by allowing them to access a larger sites “back office” systems.
Meanwhile, in some other news involving Bitcoin, Australian computer scientist Craig White grabbed headlines around the world by claiming to be the inventor of Bitcoin.
BBC News reported that Wright said he is the man previously known by the pseudonym Satoshi Nakamoto. He told the news agency he launched the currency in 2009 with the help of others.
Wright has been suspected the long searched for creator of Bitcoin in several other reports and investigations. The BBC said Wright decided to come forward to stop the spread of “misinformation” about Bitcoin.
“I didn’t take the decision lightly to make my identity public, and I want to be clear that I’m doing this because I care so passionately about my work and also to dispel any negative myths and fears,” he said.
Wright said he believes that bitcoin and blockchain, the technical innovation that makes the currency possible, “can change the world for the better.” He also said he will now be able to release his research and academic work to help people understand the potential of Bitcoin.
As for proof, the BBC said Wright supported his claim by signing digital messages using cryptographic keys used during the early days of bitcoin. However, he later backed off offering the news service more proof saying he did not expect the scrutiny he was receiving after the initial report.
“I believed that I could put years of anonymity and hiding behind me,” Wright wrote in his blog. “But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.
“When the rumors began, my qualifications and character were attacked,” he wrote. “When those allegations were proven false, new allegations have already begun. I know now that I am not strong enough for this.”
If true, Wright could also have about 1 million bitcoins – valued at about $450 million. The person using the pseudonym Nakamoto is believed to have amassed that amount, the BBC report said.
