How Bitcoin Casinos are Regulated Around the World
The regulation and management of the cryptocurrency and other digital currencies is a job for internal government regulatory bodies.
It is worth to note that the different types of cryptocurrencies available right now are not recognized by most government bodies as a legal currency tender yet.
However, Bitcoin casino business model is still very popular. The new ones are popping up regularly. Any casino can accept Bitcoin, get a license, and operate as a legitimate business in most parts of the world.
Jurisdictions with Licensed Cryptocurrency Casinos
Licensing agencies still view bitcoin like a product that can be bought or sold.
This issue is addressed correctly as the agencies in charge of the legal online casinos are still directly involved. They monitor activities of the cryptocurrency casinos as they would monitor any other online casino establishments.
With this stance, all cryptocurrency casinos need to follow the rules and regulations set by the government authorities in their respective countries of operation.
The following are just some of the examples.
Isle of Man
The Isle of Man is well known as one of the main destinations for Internet gaming, online casino, cryptocurrency, and e-sports companies.
They have zero corporate tax rate along with a pleasant regulatory climate and multiple underwater fiber optical cables, connecting this island to Europe and the UK. All this made it very attractive for European Tech entrepreneurs.
It is a recommendable jurisdiction to register an online casino service from Europe, the UK, and Asia. It also offers licensing to all crypto casino establishments situated in Europe and Asia.
Costa Rica Gambling Commission
It is another example of a licensing body presently in control of more than 100 online casino establishments. It also serves as a licensing body for bitcoin casinos at a cost that is affordable.
This one is a licensing body that is well known around the world for giving top licensing services. This Curacao E-Gaming jurisdiction also has a strong gambling presence in the island of Curacao. Plus, it is very affordable and also licenses cryptocurrency casinos. Bitcasino.io and Bitstarz are examples of bitcoin casinos using the Curacao regulatory law.
These different licensing bodies are essential to the online crypto gambling establishment as payments to their players can be processed through the bank.
With bitcoin’s independence from all other currencies, it has an advantage over the other governmental legal tender as it is not affected by the many economic factors. It, however, varies from other currencies when viewed as a product thus making it a more valuable commodity.