Cryptocurrency Casinos – Their regulations and related issues
One of the main reasons why gambling has kept its spot high on the top of people’s preferences is the way it adapts to the times and conceptions. Its rich history of adaptability has been proven cross-culturally and right now it is confronting the biggest leap yet: adapting to the ever-changing online world. Smart business owners have tried to integrate cryptocurrencies like Bitcoin, Litecoin and the rest, to their accepted services for payments, and so did the people behind virtual casinos. For example, a quick browse on Casinobonusca.com will show you what gambling platforms accept Bitcoin on the Canadian market.
This is not the only place where things evolve fast for deposit options. A large majority of online gambling sites are looking to expand and accept crypto money thanks to the advantages this move brings to the House as well as the individual players. This change is complex, however. It all depends on the site’s jurisdiction, as well as the legislation of the country that licensed it. And so far, countries are lacking certain regulations.
No matter your views on gambling or your opinion on the online topics that accompany it, the issue with fuzzy regulations does not spring from these platforms, but rather from a much greater problem. For various reasons, governments and regulatory bodies have had a constant dismissive attitude towards the rise and increasing popularity of cryptocurrencies. This created a void of legislation on the topic, resulting in businesses having nothing to abide by. It is safe to say that, even now, when some countries are debating it and taking the problem seriously, Bitcoins and the rest are a grey area. Consequently, regulating a place that allows such currencies is even more of a muddy circumstance.
Let us take a solid example, to understand the situation better. Japan, a country that is well renowned for its embracement of technology and great technical evolution, among other things, has a better situation than most places, but that is still not enough. In 2017, Japan defined Bitcoin earnings as income, giving a definitive statute and creating a baseline for the next steps. This measure had to be taken, as the Far East is the hotspot of crypto transactions worldwide.
Therefore, exchange and transactions are deemed legal and can be taxed accordingly. Even so, the casino situation is still quite unclear. First, because the issue is still young and secondly, because Japan’s relation with gambling is a slowly blooming one, with hopes of allowing physical gambling spots over the already accepted online places. Currently, lottery and races are accepted.
Coming back to the online casino issues, we have to reinforce the fact that sites need to follow laws of their jurisdiction and apply them accordingly, but the major issue is that just a few nations accept Bitcoin and similar brands as a legal way of payment, meaning that whether a site can let you gamble with it, is not a matter that they can fully take accountability for, or decide on.
Another facet relates to the security measures that are needed when gambling. A full profile will need the players' full name, banking statements and address to be fully sure that the legal gambling age is respected and to ensure that gambling is not illegal in the place where the user resides. Crypto transactions allow people to play with a whole bunch of details omitted from this process. This may increase the risks of lawbreaking and money laundering.
So if you ever come across an online casino willing to accept virtual currency know that the rules its follows are multi-fold: the place of establishment and licensing are accepting of this kind of payments, the website will verify whether you are in a place that allows gambling and virtual money transactions, and the transfers you make will still be somehow tied to your identity as they are only performed after the Know Your Customer procedure has taken place.
There is not a definite conclusion that can be issued here, as the matter is still developing. The process of creating and implementing complex systems of laws has always been something that requires a lot of time and a lot of brainpower. We hope to see the future being bright on cryptocurrency casinos, as they would certainly integrate well in the trends we keep seeing on the online market.
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