A lot of controversies encircling cryptocurrencies. There are more questions than answers, so let’s see whether a Bitcoin casino is legal.
Everything You Need To Know About Bitcoin Casino Legality
Since its inception, cryptocurrencies, and especially Bitcoin, have attracted a lot of attention. Some controversies surround blockchain technology even today. However, the popularity of crypto is rapidly growing day by day. The reality is that hundreds of million people have already accepted cryptos as a regular type of payment. Online gambling is no different as it quickly adapted to global demand. As a result, we have many online Bitcoin casino operators.
The Legality of Cryptocurrencies in World
Cryptocurrencies have been with us for many years now. Still, there are a lot of disputes surrounding its regularity. In addition, some reputable experts still believe that the hype around coins will decrease soon.
Despite that, most developed countries have started looking into ways to monitor and regulate cryptocurrencies. On the other hand, in some of them, crypto is still under considerable debate.
In Canada, for instance, bitcoins are permitted now. Consequently, crypto dealers are subject to regulation in the same way as money service businesses. All of the companies that are dealing with cryptocurrencies must be subject to regulation by appropriate regulatory bodies. Nowadays, more than 70 countries accept bitcoin as equal to fiat currencies.
Bitcoin Casino Legislation
Naturally, players’ main concerns are safety and fairness. This feeling is why most people are looking for regulated gambling platforms. In all fairness, it’s not something written in stone. Gambling sites can work without any license and yet operate according to regulations and respecting laws. However, if an online operator is about to process financial transactions respecting general regulation, it’s preferable to have a license. This way is how an online casino shows its trustworthiness and reputation.
Online Casino Regulations
Online gambling and betting mean entrusting or, if you prefer, handing over your money to a third-party organization. Meaning, most people send their money to some company they’ve never heard of or have just a little information. Sounds a bit scary when you think of it, right?
The reason why supervision bodies exist in the first place – to make sure people feel safe when they deposit their funds. In case of suspicious activities, the regulatory body will issue an official warning to prevent and protect people from fraudulent activities. Besides the safety of the player’s funds, online gambling regulations are making sure a specific bitcoin casino is operating:
- Fairly towards all gamblers.
That said, ideally, all gambling sites should be amenable to any laws they are subject to. However, this differs depending on the specific region or country.
Are Casinos That Accept Bitcoin Legal?
As previously mentioned, cryptocurrencies are subject to numerous disputes and controversies. In some parts of the world, this is subject to many debates. Simultaneously, several countries are still not recognizing cryptos as a valid payment method. For all of these and many other reasons, the authorities are not recognizing cryptocurrencies. Consequently, no Bitcoin Casino is subject to generic regulations. Furthermore, we can conclude that playing at a bitcoin online casino is neither legal – or illegal.
No room to worry
Cryptocurrencies may not be recognized globally (yet), but many online gambling sites have felt the players’ needs nowadays. Hence, they offer different ways to load money into your casino account. As a result, several gambling operators are accepting bitcoin as a regular type of payment. However, this all depends on the region, country, and, in some cases, even local laws.
In some states, a license is a must for local gambling platforms. On the other hand, these countries don’t require the same from foreign ones. Therefore, the advice to players from Switzerland, Norway, and Sweden is to pay extra attention to foreign platforms.
Some countries pay special attention to the protection of their residents. Hence, they have stringent regulations and laws. As a result, Bitcoin Casino needs to have a license issued by a local regulator. Regardless if it’s domestic or foreign. The list of these countries is as follows:
- United Kingdom (including the Isle of Man)
As aforementioned, in some regions, casinos accepting bitcoins are entirely illegal.
For this reason, operators from such countries are finding different ways to “bend” the rules a bit. On occasions like this, the online operators typically have headquarters outside these countries.
For this reason, it’s good practice for players to check the local laws and regulations before engaging with specific online casinos.
Advantages of Playing At a Bitcoin Casino
More often than not, people decide to choose cryptocurrencies when gambling online. Let’s assume that for some players, this is a matter of habit. They’ve gotten used to paying using their crypto-wallets. However, if you look deeper into it, you can find many benefits of playing at a bitcoin online casino. Some of them are:
Diversity of Games and Bonuses – Crypto-based casinos offer a wide range of casino games. In that sense, there is no difference compared to a classic online casino. Simultaneously, players can find plentiful bitcoin online casinos bonuses and promotions.
Faster Deposits – Depending on an internet connection, your deposit can reflect within a couple of hours (sometimes even faster)
Fast Withdrawals – If you are using classic methods of paying (VISA, Mastercard), the withdrawal process may take between 3-7 business days (depending on the operator). When it comes to bitcoin casinos, you can have your money in a couple of hours.
Low Cost of Transaction – Depositing traditionally may cost you some extra fees.
Increased anonymity – According to current regulations, after you deposit the funds to your gambling account, you need to provide pictures of your ID. In some cases, even a picture of a card that you used for the transaction. When it comes to cryptocurrency payments, you can transfer the coins from your wallet without providing any personal information to any third party.
Security and Safety – Until today, no Bitcoin casino had reported a significant theft. That said, we can conclude that online casinos that accept cryptocurrencies are much safer than their classic online competitors.
With the increasing faith in digital currencies, crypto-based online gambling platforms are becoming more popular. There are some concerns regarding regulations; therefore safety of players’ funds can be in question. Regardless of that, more players are joining bitcoin online casinos every day.
Firstly, cryptocurrency casinos offer the same game library while simultaneously going under the same regulations as regular online casinos. Additionally, crypto-based casinos offer anonymity and an extra level of their fund’s safety. There are some rogue websites. But this applies to both regular and crypto-based casinos. Consequently, we recommend all players do their due diligence and prevent unnecessary headaches.
On the other hand, find yourself a reputable, trustworthy bitcoin casino and enjoy all the perks of online gambling.