The Relationship Between Online Casino Licensing and Crypto Currencies – CaptainAltcoin
The mainstream casino industry is quietly turning its attention to the next big thing – cryptocurrency payments. While Bitcoin and cryptos in general are still not accepted by the big players who occupy the financial institutes of the world, smaller online casinos are embracing this new era of digital currency. Since adding cryptos to the list of payments, they’ve bloomed. Cryptocurrencies allow fast and anonymous deposits and withdrawals which casino players love.
Of course, that is also why cryptos are often considered illegal. The inability of legal watchdogs to watch over transactions is the reason why major governing bodies are against the idea. Most of the casinos that accept cryptocurrencies are licensed by the government of Curacao, and that’s not a coincidence.
Why Are Major Governing Bodies Against Cryptocurrencies?
The world’s leading and most respected licensing casino authority is UK Gambling Commission. All major casinos in the UK must possess this license. The UKGC is known as a pretty strict watchdog and its stance on cryptocurrencies is strict. It officially recognizes them as a cash alternative, but also requires its licensees to stick to anti money-laundering regulations and policies if they want to use cryptocurrencies.
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If you’re a new player to the world of iGaming and only just getting started with online slots, poker and other games from these operators, you might find yourself unable to play with Bitcoin currently. Due to many mainstream casinos requiring licenses by their governing bodies, such as with the MGA and UKGC, many gaming sites at present do not accept crypto payments in order to comply with these licenses.
Will mainstream casinos start accepting cryptocurrencies? In order for that to happen, a lot of things should change from a legal perspective. Crypto laws around the world are ever evolving, and as the legal landscape changes, casinos will accept Bitcoin and Ethereum (along with other cryptos soon). Of course, that would require big changes to the terms of licensing authorities, but we have no doubt that it’ll happen sooner rather than later.
The Malta Gaming Authority is Already Testing Cryptocurrency Payments
Besides the UKGC, the MGA is widely considered one of the top legal casino watchdogs. Unlike the UK Gambling Commission, the Malta Gaming Authority is more open to the idea of crypto payments. It has already passed the first stage of testing successfully and is currently allowing its casinos to accept cryptocurrencies for deposits.
This is only the testing phase, and it should be over soon. If the experiment is successful, the MGA will most likely be the first major licensing authority to let its licensees to accept crypto payments. Integrating crypto payments into its legal framework will be no easy task, but the MGA is up for it. So far, it has received dozens of applications for crypto payments just like the UKGC, and those from the MGA might get accepted soon.
The world is changing its tune when it comes to cryptocurrencies, and so is the iGaming industry. They are a fantastic alternative to fiat money and give players a chance to deposit and withdraw anonymously and in a flash. The blockchain is 100% legit and safe and is the future of the iGaming industry.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com