Using Bitcoin to work around the existing gambling laws is now proven ineffective as the Spanish government agency responsible for the finance and taxation matters finally set the record straight when it comes to Bitcoin gambling.
Casino and betting website operators must not fret at all, though, because this is not the end of the rise of this niche market. However, paying close attention to the new resolution and abiding by the state rules is a must in order to continue operating within the country without violating any law.
El Ministerio de Hacienda y Administraciones Públicas or The Ministry of Finance and Public Administration has released a new rule that identifies Bitcoin as an electronic payment system.
Along with this new ruling is the requirement for all online gambling platforms that operate on Bitcoin to acquire licenses. Moreover, Bitcoin transactions between a company and a user may be subject to the current laws that prohibit payments to businesses of more than €2,500. The anti-money laundering laws may also cover the digital currency in this case.
As such, operators of real-money gambling and Bitcoin casino websites in Spain like those that offer game Bitcoin tanpa deposit or even those engaged in apuestas deportivas con bitcoins are obliged to apply for two kinds of licenses: the general gaming license and an individual license.
According to reports, this decision was reached after the ministry acknowledged Bitcoin as a virtual currency that can be converted and exchanged between users in the form of dollars, euros, and other legal currencies worldwide, despite its inability to become a legal tender or an economically accessible object.
The Ministry said:
“While bitcoin can not be considered as a legal tender or official electronic money, it can not be regarded as a mere economically assessable object since it is a medium of virtual exchange or electronic, gathering the characteristics of those, including electronic payment for goods or services.”
Given this, it now has the qualities that fall within the criteria detailed in Article 3 of the Spanish Gambling Act, where all terms related to gambling are defined.
With this regulation, the fast-rising trend of Bitcoin gambling in Spain may be temporarily halted as operators need to acquire the necessary licenses to fully and legally operate in the country.
While the move to push for licensed Bitcoin casinos and gambling sites does not largely affect the online gaming industry negatively, this may hint the path where Spain is heading in terms of Bitcoin regulation, and this may affect players that prefer to wager bitcoins (apostar bitcoins).