Isle of Man: regulator issues crypto licenses

Isle of Man: regulator issues crypto licenses

While Germany is still working on the implementation of a betting law, innovative government systems are setting the course for the future in the sports betting business. After Europe’s largest digitization agency in Malta has already started to open up blockchain technology for startups, the Isle of Man Gambling Supervision Commission has quickly decided to make the hurdles for legalized entry more friendly. At the beginning of the year, the state regulatory authority had to open its own blockchain department in order to be able to adapt to the new market requirements at an early stage. As part of this digital offensive, the first online bookmaker has now passed the official reliability check and received a crypto betting license from GCS.

Blockchain provider officially gets market access

Quanta was the first company in the European gaming market to be licensed for cryptocurrencies. However, the website of the provider has not specialized in sports betting, but in the expanding crypto lottery market. The necessary license for this was granted in 2017 after extensive checks of the required standards.

Although blockchain technology is considered untouchable in payment transactions when it comes to security issues, providers in all segments must pass an economic reliability test. Ultimately, in addition to the security aspects in payment transactions and IT systems, consumer protection and measures to prevent gambling addiction are also on the checklist.

The state control authority has incorporated all of these new requirements into its application process, and with the betting site RoBET, the first operator recently became the first certified blockchain sports betting site to receive the relevant license from GCS. Before this happens in Germany, there will be a lot of goals in the Bundesliga. However, Betano members can transfer money using PayPal. Every interested typing friend receives an exclusive new customer bonus from us for their registration.

What cryptocurrencies does the licensing process include?

The provider RoBet has developed its own crypto money for the payment side. Members can make deposits with the Token RoBet Coin and, of course, withdraw winnings as well. Otherwise, the two established cryptocurrencies Bitcoin and Ethereum are available as part of the start-up phase. Incidentally, the betting site is also breaking new ground in terms of quotation.

In contrast to ordinary odds, which often differ by several percent, there are fixed margins at RoBet. This means that regardless of the sport and the betting market, the bookmaker charges a betting fee of 0.5 percent for arranging and processing the orders. This is an extremely fair regulation, which could surely be taken up by other operators soon if the crypto model proves successful.

Crypto legalization ensures growth

The battle for the crypto industry has long started. Digital countries have recognized the market for themselves and are investing in their attractiveness in order to win over the billion corporations of the future today. New government agencies on the islands of Malta and the Isle of Man are promoting the growth of the blockchain payment market and thus also giving the sports betting industry, as a major licensor, the chance to also grow legally in this market.

Of course, these European countries also score with companies in the betting industry with transparent license terms and low tax rates, which is why most start-ups settle there. In this regard, the Federal Republic has not recognized the enormous development and has not yet created any attractive laws for future-oriented groups. In the largest city on the Isle of Man – Douglas alone, several companies have settled from the crypto market. One of the most famous is CoinCorner, the billion dollar exchange for bitcoins.

Secure environment for digital nomads

The Isle of Man’s betting and gaming authorities not only tolerate innovation, but also openly welcome them. If you want to test a new model under real conditions, you can do so while maintaining the legal security of the Gambling Supervision Commission. The agency in the middle of the Irish Sea has set itself the task of becoming the linchpin for blockchain companies. In addition to legal protection to try out new things, digital companies also receive technical support in order to be able to implement ideas in a future-proof manner.

Even the large British insurance company MetaVault, which specializes in cryptocurrency insurance, is planning to open an office on the Isle of Man. The fact is, if the importance of cryptocurrencies continues to increase under the condition of absolute payment security and anonymity, then it can be expected that other industry representatives will also hand over to it. The bookmakers from our test series are among the most innovative betting providers in Germany:

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