What Next For Gambling in Cryptocurrencies
The global economy is exploring different uses of cryptocurrencies. Different industries are coming on board exploring ways of integrating cryptos into their systems.
Gambling is the latest industry showing signs of incorporating cryptos. Gaming service providers are working round the clock to offer crypto gambling. However, the tough laws in the crypto world act as a barrier to realizing this dream. Operators are uncertain whether authorities will spare their ventures or not.
Currently, gambling in cryptos has no regulations set in place. Many gambling firms are yet to venture into cryptos since they might be affected in case laws are enacted. At the moment, gambling in cryptos is not legal or illegal though the terms might vary depending on the jurisdiction.
Some countries already have tough gambling laws and integration of cryptos might be disallowed altogether. On the other hand, fears of money laundering and other criminal activities offer a major concern for countries friendly to online gambling. The identity of clients has also been cited as a major problem.
Already some territories like Curacao are warming up to the idea of blockchain in gambling. The Island receives dozens of gambling licences requests every year but it is hard to get an approval. It is important to highlight that ethereum casino Edgeless received a license to operate on the island. Betstreak also received an approval to operate blockchain gambling licenses.
At the moment, nobody can predict what the future holds. Countries will have different laws for this new venture. Countries are expected to ban gambling based on cryptos which appear to be safe compared to exploiting the risk affair. Some will jump in and cease the chance.
Anonymity feature is a major concern for many and it might offer a challenge for businesses.