Isle of Man Encourages iGaming Development with New Licensing ChangesPublished February 10, 2017 by Lee R
The Isle of Man has developed a responsive and innovative e-Gaming license system.
Some adaptive changes to e-Gaming licences in the popular tax-friendly market of the Isle of Man have been announced.
The island’s governing authority Isle of Man Gambling Supervision Commission (GSC) announced that it had modified its licensing structure in direct reaction to feedback gained from consultation with representatives of the Island’s thriving e-Gaming sector.
Network Partners Free
First off, there will no longer be additional charges levied upon network partners, meaning that network service licence holders will from here on in pay only for the network services licences itself, with no additional charge for subsequent partners added.
Certification from Other Jurisdictions
Secondly, the progressive GSC has enhanced its promotion of common testing standards among different jurisdictions through accepting test certificates issued recognized by all other gambling regulators that the Isle of Man holds a Memorandum of Understanding with.
Digital Currency Use Expanded
A third key change to the Isle of Man licencing system is in digital currency guidelines, approving the use of convertible digital currencies among operators and customers for deposit, gamble or play using convertible digital currencies. The approval extends to cryptocurrencies such as Bitcoin as well as skins.
The sub-licencing system has been enhanced to enable full licence holders to expand the services they offer to sub-licensees, including complete back office systems in addition to gaming and lottery products.
Department of Economic Development member Daphne Caine MHK commented on the e-Gaming changes, asserting the continued role of the Isle of Man as a “highly supportive environment for e-Gaming and e-Business companies.”
Anticipating Future Needs
Caine further expressed her organisations’ satisfaction at successfully anticipating the future needs of industry “on a number of occasions,” calling e-Gaming a “tremendous area of growth” for the island economy.
Reducing Burdens through Technology
GSC Chief Executive Officer Steve Brennan expressed the goal of legislative adaptations as aimed at reducing “unnecessary regulatory burdens” in response to “technological advancements.”
Progressive and Friendly
The adaptive changes and responsiveness to operators reaffirm the effectiveness of the Isle of Man for iGaming and operators and players alike.