Hold on to your crypto hats, folks, because this party is about to get regulated! Spinning wheels and lucky sevens, anonymous transactions basically, all that has gone into making the crypto casino industry a booming one. It now draws regulators attention worldwide. Though many of you may view this as a killjoy, its centrally relevant to understand the potential impact and why this is happening in the first place.
Imagine this you are on a hot streak at your favorite crypto roulette table, one lucky spin after another. Suddenly, a message appears Error Transactions exceeding X amount require KYC verification. Talk about a mood killer! Before you hurry to buy a pack of tinfoil hats, lets look into the reasons behind this potential regulatory crackdown.
The Dark Side of the Crypto CoinIts a Catch-22 situation while anonymity gives room for discreet transactions, it is also an expressway to all sorts of wrongdoing. This poses a great concern for regulators seeking to keep the online gambling space clean.
Now, across the Atlantic, Frances gambling watchdog raised red flags against two rather popular crypto casino platforms in 2021 cbet.gg and stake.com. What was their crime? Allowing transactions with those oh-so-convenient crypto coins. The French authorities said it runs against AML anti-money laundering regulations. Similarly, while Spain fails to regulate means of gambling payments as such, it has precisely forbidden crypto as a valid means.
The Great Crypto Gambling License FiascoYou might be wondering at this point, But wait, they have licenses! And that is where it gets thick. Many crypto casinos proudly display their licenses, but then a closer look at things reveals a spidery web of regulatory loopholes.
