Although this technology is very complex, it is very easy to play games at a cryptocurrency casino.
Therefore, using this digital currency to make a deposit at a casino is divided into three simple steps:
1. Get bitcoins
2. Register a cryptocurrency betting site
3. Make a deposit and start playing.
First of all, you need to buy some bitcoin. You can do this in many places, so it’s worth checking out where you can get the best deals.
Second, you need to play at a casino that accepts it. To find It out, you can check the list of Bitcoin casinos rated in UK. There are a lot of people out there, but as mentioned above, they are only available in certain countries, so be sure to do your homework.
Finally, if you qualify, you will need to transfer the new cryptocurrency to the gaming site. This is easy to do because the sender’s address will be indicated on the checkout page. In an instant, you will get up and get ready.
Is Bitcoin Casino legal in the UK?
The UK is one of the leaders in the development of blockchain projects and cryptocurrencies, as well as one of the most favorable and convenient jurisdictions for doing cryptocurrency business.
Despite the general support for the ideas of introducing blockchain and cryptocurrencies into the life of the state and citizens, the final position of regulators regarding the legal aspects of activities related to cryptocurrencies has not yet been worked out. Essentially, cryptocurrency is in a gray area, i.e. in a legal vacuum. For this reason, there is a possibility of the introduction of special regulation, which could play against the companies that have chosen the United Kingdom for the ICO.
Often, British companies are used as the headquarters of the project or have only service companies there, and the tokens are issued in more “favorable” jurisdictions for this, such as the Cayman Islands, British Virgin Islands, Switzerland or Singapore.
Now that you know how to deposit, the question remains: can you use bitcoins at UK casinos? The short answer is yes, UK bitcoin gambling is legal, but there are longer answers to all of them, making it difficult at the time of writing.
Every British casino must be licensed by the Gambling Commission (UKGC). While the UKGC allows digital and virtual currencies to be used for gambling, they say only operators who can “fulfill their anti-money laundering commitments” can do so. They also need to act in a socially responsible manner.
Since there are currently few casinos in the UK offering this virtual currency as a deposit or withdrawal method, it seems that many people have failed to violate the UKGC requirements.
Legal regulation of cryptocurrencies
Between 2014 and 2017, the UK Financial Conduct Authority confirmed in its statements that bitcoin is not a currency, but it is not money either (most likely in the meaning of “means of payment”), therefore, cryptocurrency cannot be regulated by financial legislation in any way in Great Britain.
Thus, cryptocurrencies in the UK are still considered a unique combination of numbers, which is obtained as a result of complex mathematical calculations and algorithms. Therefore, Bitcoin and other cryptocurrencies are not subject to the Anti-Money Laundering Act as well as other provisions of UK financial law.
Taxation of transactions with cryptocurrencies
World Bank residents are subject to taxation based on global activity. Thus, LTD (an analogue of a limited liability company) that fundraises by issuing tokens will pay taxes regardless of whether they restrict the access of UK residents to the token sale or not.
Non-UK residents and limited liability partnerships (LLPs) are considered “transparent”, that is, they pay only tax on profits received from UK residents (UK source income), in particular in the case of services provided to UK residents.
Online casino payment methods accepted in UK
While this is not great news for UK crypto fans, there are many different payment methods out there that make the game easier. Nowadays, you can usually use classic services like Visa, MasterCard, bank transfer, Skrill, Neteller, etc. In some cases, you can use PayPal. The latter method, PayPal, allows us to understand how Bitcoin will evolve into the leading UK casino payment method in the near future.
Not too long ago, the number of casinos accepting PayPal was very small. However, this changed quickly in the past year and many gambling sites in the UK now accept PayPal. I hope similar things happen in bitcoin. The cryptocurrency industry offers too many advantages for casinos, so we predict a domino effect when one of the major platforms starts offering it.