Are Bitcoin casinos legal?
The theory about Bitcoin gambling is quite controversial. So, there is a lot to speculate. It is quite confusing for operators. Especially those that start their Bitcoin online casinos. The authorities have come up with something which isn’t very clear. So are bitcoin casinos legal? Here are some answers:
All Bitcoin casino’s should have a license. This is mandatory for all Bitcoin gambling services. Also, there should be guidelines of participation of players from certain countries.
Important Facts on the Legality of Bitcoin Casinos:
Here are some key points about Bitcoin casinos. This should give you a fair idea.
Bitcoin has no specific rules:
Generally, there are no specific laws about Bitcoin gambling or casinos. Neither there is any prohibition nor acceptance.
What different authorities think?
Different authorities think about Bitcoin in a different way. This continues to change with time. More countries worldwide is accepting Bitcoin. But, the Bitcoin casino regulations keep on changing. Also, the blockchain-enabled services are under consideration. But
Most governments are still not about Bitcoin as real currency. What if it is not a “real” form of currency? Then any regulation about flat or traditional currency-based online casinos shouldn’t exist. This is in respect to Bitcoin casino websites.
In Bitcoin casinos or gambling, the identity of respective players isn’t clear enough. There is an amalgamation of Bitcoin payments with high-end distributed network like Tor. This make it very difficult for the authorities to trace the gamblers.
There are several reputable online casino or gambling jurisdictions worldwide. They issue licenses to the Bitcoin casinos. This means that they are responsible of controlling the entire operations. Those related to cryptocurrency-based websites or services. A few gambling services are legal. They are the ones who follow the specific rules and regulations of the jurisdiction.
Should Bitcoin Casinos Have a Gambling License?
All iGaming business must have a gambling license. Such a license becomes very crucial to pass the application. This is for the respective merchant bank account.
It is also important for officially working with electronic payment systems. Some casino website happens to be working with Bitcoin. Hence, all respective payment processing is internal.
No third party:
There is no involvement of third-party services to control the cryptocurrency payments system. Deposit and cash out are done within minutes.
Moreover; the process of withdrawals and deposits is extremely fast. Bitcoin tends to move between the Bitcoin wallets of the players and also the casinos. Hence, presenting a proper gambling license to any financial institution isn’t necessary.
As such, the need for the gambling license is optional. Especially, when it comes to operating a Bitcoin casino.