Hey all,
I'm seeing a lot of conversations about licensing and KYC over the last little while. We actually just had a hearing last week as part of the requirements for our license, and I realized that probably most people don't know what the requirements are, or how much oversight there is with a license from the Isle of Man.
It's definitely wildly different than licenses from Curacao or Costa Rica.
I'm around this afternoon, so if you have questions, AMA!
Anna
This is the first time to hear the gambling license from Isle of Man because typically most of the Casino acquired license from Curacao or Costa Rica which is much easier and crypto friendly. I don't exactly what's there regulatory requirements but is that involved KYC? Because that will be a major turn off for players here because most user here wants privacy unless they have a minimum amount required for players to undergo KYC.
Can I elaborate the difference if you don't mind? This topic will be very interesting and new here.
Thank you Anna.
Absolutely! There are some major differences in the kind of requirements that the government puts on gambling sites, and in the amount of oversight that they do. Unlike licences from Curacao and Costa Rica, the Isle of Man Gambling Supervision Commission requires:
- Checks on business procedures -- We have regular checks from a gaming inspector to ensure our processes are fair, and we also have to submit a yearly audit to the government.
- Player fund protection -- Our player funds must be kept separate from operating funds at all times, and we must always have enough funds in reserve to cover the settlement of all open bets.
- Software inspection -- All the games on our site must be independently tested by an approved testing house, and our processes are reviewed and audited yearly.
- Strong vetting -- Each of our board members and a designated official are interviewed and approved in a government hearing. We also have to provide regular reports.
- Investigate disputes -- If you complain to the Commission, they'll give us a call to see what's up.
- Data protection -- We have to adhere to strict UK requirements on the protection and control of your data. You have the right to know what's collected and how we use it. It will never be sold and there are industry best practices protecting against hacking.
- No rented sublicence -- Our licence can't be "rented" or sublicenced to another company -- you know that it's actually our business that's required to meet all of the above.
So yes, we do ask for KYC as part of our onboarding process. That's because one of the mandates of the Commission is to help protect against underage gaming. We know it's a trade off, but what you're getting in return, we think, is a level of safety that makes it worth consideration.
I hope that helps clarify! Please let me know if you have any more questions. I actually love talking about this, because I think there are some misconceptions that all licences are the same.
^Anna
