Bitcoin Gambling Legality
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The legislation in the area of Bitcoin gambling is very immature and leaves a lot of space for speculation. Operators starting their online casinos that will accept Bitcoin are often confused by controversial facts and ambiguous decisions of authorities in regards to the cryptocurrency. Desiring to operate their business in a legal way, they try to find out if offering gambling services for Bitcoin is legal, whether a Bitcoin casino needs to be licensed, and players from what countries can be accepted.
As of today there are no single, clear-cut answers to the questions above. However, here are some useful key points that need to be understood:. It is neither officially allowed nor prohibited. However, most governments today are still not referring to Bitcoin as to real currency. Bitcoin payments combined with anonymizing techniques like Tor make it extremely hard for the authorities to trace gamblers. As long as the online casino is bitcoin gambling legal the rules and regulations of the chosen jurisdiction, it operates legally.
It is important to understand that a gambling license is absolutely necessary for an iGaming business to bitcoin gambling legal the application for a merchant bank account and to bitcoin gambling legal work with electronic payment systems. When the casino website is working with Bitcoin, all of payment processing can be performed internally with no third party services bitcoin gambling legal that can control the crypto payment infrastructure.
Thus, the necessity to present a gaming license to any financial institutions is eliminated. Therefore one could argue that when it comes to working with Bitcoin, a gambling license is optional or at least not a prerequisite to accepting payments.
On the other hand, a lot of players bitcoin gambling legal a Bitcoin casino in the same way as any traditional online casino. They want to be sure that they bring their spare funds to a reputable and secure online environment and that their rights are protected by an independent authority.
Legislation around Bitcoin is sure to evolve at a fast pace worldwide in the next several years. Bitcoin gambling legal, to be on the safe side and rule out any potential risks connected to illegal business operation, it is advisable for casino operators to follow gambling laws applied to fiat money casinos in their targeted bitcoin gambling legal.
Being at the forefront of the Bitcoin gaming business segment, we at SoftSwiss are always ready to provide professional consulting and support in the area of Bitcoin casino operation.
SoftSwiss is an established software provider that develops B2B solutions for the iGaming industry. SoftSwiss offers a proprietary platform for running an online casino business, along with thousands of casino games and a range of associated services. We are a software company first and foremost, but over the years we accumulated a wealth of knowledge about how online casinos work and what the iGaming industry is about.
Starting up an online casino, just like starting any web project, is a hard job where one has to keep a lot of factors in mind. Articles in our Knowledge Base contain useful bitcoin gambling legal that will allow you to have a smooth start and make your online casino a long-term success.
