It goes without saying that the crypto sector has had a revolutionary impact on several sectors across the globe. The gambling sector is one of the most notable beneficiaries thanks to the integration of blockchain as well as the use of digital currencies on gambling sites all around the world. In fact, financial and industry experts have repeatedly stressed their belief that crypto-powered casinos will be a core component of the future of the gambling sector.
Now, while there is a lot more openness when it comes to allowing Bitcoin-powered online gambling platforms to operate, there is a lot more that needs to be done especially with regards to legislation. Gambling with bitcoin, for instance, is allowed in some places but it is completely outlawed in some places.
Mainstream adoption of crypto is slowly being realized as the sector’s growth has been catalyzed by the entry of several players such as gaming platforms, investors, and even financial institutions. In most part, things seem to be going quite well but we cannot ignore the fact that there are areas that need more clarification from the authorities.
A Little Confusion
Despite the growth that is going on in the crypto-gambling sector, we still have to deal with issues relating to the authenticity and reasonability of cryptocurrencies. While most of these digital currencies do not disregard any legal provision of any country, they operate in an area of uncertainty.
Added to the fact that digital currencies have essentially created a parallel economy that has been welcomed with mixed reactions. Its prosperity is definitely a good thing even though it has raised eyebrows in a number of jurisdictions.
Perhaps the biggest hurdle so far is the concept of anonymity which is a big reason why people live digital currencies like Bitcoin. Player identification is a key to many anti-money laundering measures and anonymity is thus a huge problem in this regard.
All in all, the regulation of crypto casinos is a very complex issue at the moment. Legal problems are bound to arise and the next few years will be monumental in achieving some sort of stability. Legislative frameworks in the area of these kinds of casinos are still quite immature, to say the least.
As it stands, only a few countries regulate crypto casinos – these include The Netherlands, Italy, the United Kingdom, Italy, Belgium, Greece, and Poland. Most of the other areas still have lots of conflicting issues regarding crypto gambling.