Spain says bitcoin gambling sites require license, defines bitcoin as currency for Gambling Act
CryptoCoins News reports that the Spanish Treasury will be treating Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term like a currency when it comes to gambling, requiring sites to obtain a betting license.
A law firm had inquired from the Treasury if bitcoin is considered money, and if so, if operators would require licensing and pay fees. The firm had other related questions on the matter, but only received response for their first question.
The Treasury, which oversees Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for the gambling industry, responded that its rules apply because bitcoin is a "convertible virtual currency that can be exchanged between users and, likewise, be converted into dollars, euros, or other currencies both real and virtual."
The ruling has sparked arguments that if Spain considers bitcoin as money for gambling, it should be considered money for everything, including taxes and KYC/AML/TF matters. This, however, is likely not the case. The best example is the US, where FinCEN considers it a monetary equivalent for the purposes of obtaining money services licensing, but the IRS views it as property. Contrary to some arguments that there is "one law", it is intuitive and often beneficial to characterize an object based on the relevant subject matter.
CryptoCoins News reports that the Spanish Treasury will be treating Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term like a currency when it comes to gambling, requiring sites to obtain a betting license.
A law firm had inquired from the Treasury if bitcoin is considered money, and if so, if operators would require licensing and pay fees. The firm had other related questions on the matter, but only received response for their first question.
The Treasury, which oversees Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for the gambling industry, responded that its rules apply because bitcoin is a "convertible virtual currency that can be exchanged between users and, likewise, be converted into dollars, euros, or other currencies both real and virtual."
The ruling has sparked arguments that if Spain considers bitcoin as money for gambling, it should be considered money for everything, including taxes and KYC/AML/TF matters. This, however, is likely not the case. The best example is the US, where FinCEN considers it a monetary equivalent for the purposes of obtaining money services licensing, but the IRS views it as property. Contrary to some arguments that there is "one law", it is intuitive and often beneficial to characterize an object based on the relevant subject matter.