UK Regulations On Crypto Casinos And Online Gambling
The poker game in the 2006 James Bond movie, Casino Royale, was epic. But what if the movie script was based in the pandemic era? One can say in jest that James Bond might be playing the game remotely from home. He might sign in to an online bitcoin casino and play using cryptocurrencies instead of poker chips. Even if he manages to do so, Bond might just end up flouting the UK Gambling Commission regulations on Cryptocurrency and anti-money laundering.
Well, he might get away with that. After all, he is Agent 007 and it’s just a movie. But if you are thinking of doing something like that, this is an article you should read.
Latest UK Regulations on Gambling
The Gambling Commission (UKGC) is cracking down on the betting industry in the UK, according to a report published by BitcoinInsider in June 2021. One of the key decisions taken by the UK regulator is that casino operators should mandatorily display the total win and total loss in slot machines. The idea behind it was to curtail manipulation which led to excessive player engagement. The report, published in association with Spincastle.com, claims that the new rule will affect roughly 70% of casino games.
Another measure taken by the UKGC involves actively overseeing online slot machines hosted by casino operators. The gambling watchdog hopes to shield players from unwarranted losses caused by the addictive nature of gambling. The regulatory body will also evaluate these games more often and harmful features would be removed. Even though the time spent by players on such online casinos will fall, it is a move welcomed by many betting enthusiasts.
Digital Payment regulations for Online Casinos
Online Casinos rely heavily on digital payments; whether it is by way of credit/debit cards or through cryptocurrencies. Evidently, the gambling regulator in the UK is addressing the source of the issue. It has banned UKGC licensed operators from accepting deposits of funds in the user’s betting account through credit cards.
You might find some casinos that accept bitcoins and cryptocurrencies. The Gambling Commission website claims that it has received many licensing applications to operate a casino business using profits from crypto-asset investments. Such applications are being scrutinized for validating the source of funds.
Remote betting platforms that accept cryptocurrency payments are most often licensed from Curacao. Such operators are not bound by the rules of UKGC. And users cannot seek consumer rights or legal protection from the regulatory body.
Conclusion
Online casinos and betting games are highly addictive and players are advised to exercise reasonable judgement and act in moderation. Before hastily registering with a casino, expecting bonus money for gameplay, might just end up being a ruse to get you onboard. We recommend that you look for licensing details on the website. You should also read through the terms of use and privacy policy before jumping on the bandwagon.
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