Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.
A new law has been passed in Wyoming allowing gamblers to use cryptocurrency to fund their bookmaking accounts. This law now makes Wyoming the second state in the United States to allow online betting for sports and gambling.
The governor of Wyoming Mark Gordon signed the new bill (House Bill 133) at the beginning of the week with the regulations anticipated to take effect from the beginning of September.
Crypto in gambling
According to the bill, cryptocurrency will be considered a currency suitable to make deposits in the online betting world for sports. Other virtual currencies also qualify as accepted tender online and are to be treated as cash equivalents with the value dependent on the market. Betters can also make use of cashier’s cheques, traveller’s cheques, credit cards and money orders to add funds to their online accounts.
It’s worthwhile noting, however, that those who are interested in pursuing a sports betting licence to offer to gamblers and betters will have to offer online wagering services in three United States jurisdictions before they can receive valid permits from Wyoming regulators.
Wyoming’s liberal approach to cryptocurrency
Wyoming has a more positive approach to cryptocurrency, compared to other states and cities in the US. This latest move is a strong indicator of its liberal regulations within the cryptocurrency industry and market. It stands as the second state to allow online sports betting but this makes it the first state to accept cryptocurrency as deposits for the gambling. Looking across the pond, British bookmakers have accepted cryptocurrency legally for nearly five years as part of the United Kingdom’s regulations.
It’s been suggested that Wyoming’s approach to cryptocurrency might position it as a strong contender for business incorporation dominance. For the past three years, the state has been exempt from securities regulation when it comes to cryptocurrency. As result, blockchain firms and cryptocurrency companies have turned to Wyoming, which could become a tech hub if other states don’t make a shift towards gentler regulation and widespread adoption.