Bitcoin is certainly known as a cryptocurrency and therefore gives users plenty of free time to pay via Bitcoin. Bitcoin is not accepted in any country as a legitimate payment method, which may indeed be its greatest benefit. In general, you do not process real-currency transactions, and no bank authorization is necessary to complete the transaction. Bitcoin is entirely feasible as a casino currency, but Bitcoin does not follow any monetary definitions.
A bank establishment or country authority does not regulate Bitcoin. Legislative matters are still in limbo and, therefore, much room for speculation. Online casino operators also have problems in supplying their clients with the ability to deposit the cryptocurrency. It is, however, possible to gamble with cryptocurrency legally.
In many online casinos, cryptocurrencies are a preferred payment method. A license to open an online casino that will also allow deposits with bitcoin will see you entering a new yet increasingly rising market. Top sites that offer online pokie for their players always display their licenses to show their credibility. Additionally, you can find everything you need about Bitcoin casino licensing, you can check the crypto gambling guide by Gambler Guy.
Famous bitcoin gambling licenses
The Curacao eGaming license is the most popular bitcoin gambling license. Gibraltar, Malta, and the UKGC are others. Let’s find out more about these and other industry regulators.
In 2014 the UK formed a UK Gambling Commission (UKGC)because of the UK’s high rate of gambling laws. Before it was created, some sites licensed in the ‘white list’ areas could accept players in the United Kingdom. After 2014, however, the UKGC license has been issued to all operators wishing to service the UK market. Operators who get their licenses are considered extremely respectable as one of the world’s most regarded gaming authorities.
UKGC stipulates on its website that a license must be given to any company providing gambling with digital currencies in the UK. The UK government proposed in 2013 the licensing and regulatory exemption of bitcoin companies. This was because virtual currency is not a legitimate offering. Players are covered according to their regulations, provided that they only use Bitcoin casino websites licensed by the commission.
Curacao eGaming License Authority
This Caribbean island, as mentioned above, is one of the most common crypto casinos licensing jurisdictions. The law on online gaming dates back to 1993 here, and the country finds this to be a core sector. After 2002, the Curacao eGaming License Authority has been approved to license the gambling industry in cryptocurrency. Since then it’s been one of the world’s biggest license demands.
But beginning in 2016, the UKGC considers Bitcoin to be an equal or substitute, providing consumers in the cryptocurrency industry with regulatory security. Credit/debit cards and wire transfers, among other payment options, are other cash equivalents.
It makes its specifications manageable, and that’s one of the reasons for its success. It is important that even small start-ups can satisfy demand and obtain a license. Also, there is a cost-effective sub-licensing here. Under its authority, licensed operators must use hardware in a special zone known as the e-zone. Some of the world’s favourable tax rates, such as 2% corporate income tax, 2% net profit, and 0% gross income wagers, are received here.