For starters, crypto casinos are those that use crypto currency as a mode of payment – either partly or wholly. Now, the big question is, where are these casinos licensed or who gives these casinos the green light to go ahead with offering Bitcoin services? Before proceeding, it’s worth mentioning that the industry requires a minimum fee of $25,000 before it can offer any license to an online casino.
However, when it comes to Crypto casinos, just like other online casinos, they have to run using a valid online casino license. However, most of the governments are yet to regard Bitcoin as a legal form of currency and as such, they are perturbed about the legitimacy and legality of the Bitcoin Casinos.
But, why would people be compelled to license it otherwise? Normally, what any licensed casino does after the license is issued, the authority will monitor the activities of that website. Because of this, every crypto casino will have to follow casino regulations implemented by authority.
Remember, running a casino without a valid license is like being in in the wild, where common rules don’t apply, and the casino owner can do whatever malice he or she wants to gamblers including being unfair if he chooses. For sure, nobody will prefer going to unlicensed casino anymore.
Licensing and Regulation Of A Bitcoin Casino
Crypto casinos are still licensed and there are jurisdictions out there that can license these casinos. This means the rules there are not just limited, but extending to much bigger jurisdictions. Having a licensed casino has undeniable advantages which include;
- You might want to process your payments through the bank. And banks don’t allow payments through unlicensed casinos. Therefore, licensing it will just be okay to use bank to process your payments.
- When you are a startup online casino in need of banking services, it is best for you to obtain a license first.
So, where crypto casinos are licensed? Some of the respectable jurisdictions that can offer licensing services to crypto casinos include the following;
Costa Rica Gambling Commission. This is an excellent licensing body currently in charge of over 100 online casinos. It’s a perfect choice for startups and it’s no wonder why it has many casinos licensed by it. Similarly, it can also license crypto casinos at an affordable cost.
Curacao eGaming; This is yet another respectable licensing jurisdiction that is known globally for offering top services. This jurisdiction has made online gambling an essential industry in the island of Curacao. It is an affordable too and can also license crypto casinos. Bitstarz and Bitcasino.io are good examples of BTC casinos licensed under the Curacao Laws.
Isle of Man: This is a commendable jurisdiction to register an online casino serving Asia and Europe. It can also offer licensing services to any crypto casino situated in Europe and Asia.
Malta Gambling Authority: For your information, Malta was the first jurisdiction to allow online gambling guidelines. A couple of crypto casinos hold this MGA license but the top casino includes Bitstarz Casino.
If you’re looking for a crypto friendly casino with the best possible license out there (Malta) you should look no further and just sign up at Bitstarz using this link!
Legality of Playing at a Bitcoin Casino for Players
There have been many issues revolving around crypto casinos since people wonder if gambling with bitcoins is even legal? These suspicions of legality are usually brought about by the anonymity of bit coins. However, the following are considerations that confirm the legitimacy of betting with bitcoin online.
- Since a crypto currency such as bit coin don’t deal with authorized currency like US dollars, Euros; it’s just very independent form of currency. For this reason, it can be imprecise to understand whether it’s okay or not to play at such gambling sites. This however, does not mean that crypto currency is illegal.
- In every crypto casino there are terms and conditions that govern it and its players, and before you place any bets you have to first ensure that you have read and agreed with the terms and conditions. With these terms and conditions in place, it makes crypto gambling very legal and there is no reason to doubt it.
- In case you are wondering, since digital currency is not regarded by government as currency, they are regarded as any other product available for consumers. This makes it legal like any other commodity.