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Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 10584
Experience:  Solicitor
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Bitcoin, ethereum, litecoin, which is digital currency for

Customer Question

bitcoin, ethereum, litecoin , which is digital currency for the definition in UK or not ?
Submitted: 6 months ago.
Category: Law
Expert:  Jamie-Law replied 6 months ago.

Hello my name is ***** ***** I will help you with your question today. I am reviewing it, please give me a moment.

Expert:  Jamie-Law replied 6 months ago.

I am not sure what your question is.

Are you asking if they are legal in the UK?

Customer: replied 6 months ago.
I want to develop a website which is similar as a gambling website , I know the Uk law , if the website use digital currency for the player , the website need a licence , but if I use bitcoin for the website instead digital currency which is leagal or not ? (Need definition for digital currency, bitcoin is digital currency or not ?)
Customer: replied 6 months ago.
for this case, I just want to know ,if my gambling website , using Bitcoin as a digital currency , which is legal or not ? because, I don't know the definition for the digital currency mean.
Customer: replied 6 months ago.
One of solicitor answer my previouse question : blockchain cyber gamble ? is it leagal for the developer ? Answer : Thank you for your question.Online gambling is legal in the UK and very well regulated. Sites operating both within and outside the region can offer their services to UK residents, providing they are licensed directly by the UK Gambling Commission (UKGC). This latest provision was introduced in 2014. Prior to that, any sites licensed within certain ‘white-listed’ jurisdictions were able to accept customers from the UK. ‘White listed’ jurisdictions are those gambling jurisdictions that are allowed to advertise gambling services in the territory of the UK.The clear legislation and strong regulation in the UK makes this region an attractive market for operators; the only downside are the high tax rates.Any gambling business wishing to offer gambling facilities to consumers in the UK using digital currencies, or virtual currencies that can be exchanged for cash or traded for items of value, must hold an operating license (UKGC).I hope this information is helpful.
Expert:  Jamie-Law replied 6 months ago.

You would need a licence

But there is no reason why you couldnt use digital currencies.

The only difficulty is that a client deposit value can go up/down as the cryptocurrency fluctuates.

But yes, it would be legal.

Can I clarify anything for you about this today please?

If not I would appreciate a 5 star rating for my answer. If you need more help, you can ask follow up questions for free and I would be delighted to assist. Thanks!

Expert:  Jamie-Law replied 6 months ago.

If this answers your question could I invite you rate my answer 3, 4 or 5 stars before you leave today.

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