Country guide

When the first cryptocurrency, Bitcoin, was created in 2009 people doubted its potential. The idea of a digital currency lacking centralization was nothing more than a myth for most people. Since then, not only Bitcoin proved everyone wrong but reached heights, no one would have imagined and established itself in gambling.

Cryptocurrency gambling has been flourishing around the world. Online casinos are more open to accepting cryptos as a way of payment. The wave of cryptocurrencies in numerous countries is visible and they are actively used in different industries.

Countries in the world have different approaches when it comes to crypto gambling. In the majority of states, Bitcoin is not considered a legal entity, but there are also no written laws about its regulation. Despite numerous legal aspects and attempts to put crypto gambling in a particular framework it is difficult to regulate crypto. We will talk about different countries and find out how they deal with this subject.

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Why Is Crypto Gambling Becoming More Popular?

A very simple answer to this question is the advantages these digital currencies offer to customers. Bitcoin was the first-ever crypto created in 2009 and numerous altcoins followed. They can guarantee anonymity, speed of transactions, and privacy of every user. While online gambling is prohibited in many countries, cryptocurrencies allow players to remain anonymous and their transactions are not visible to central governments, let alone banks.

The absence of commission fees is one of the most notable factors. Generally, cryptocurrencies have slight or no extra charge when it comes to withdrawing money, while fiat currencies are associated with commission fees. Furthermore, crypto transactions are fast and executed in just minutes. Fiat methods require several working days for the payments to appear on your account.

On-chain vs Off-chain crypto gambling

Most of the time players involved in crypto gambling will meet with two concepts: On-chain and off-chain crypto gambling. They are important to understand because they determine the legality of Bitcoin gambling in many states.

Off-chain crypto gambling in simple words means online crypto casinos that accept Bitcoin and other cryptocurrencies as a method of payment. Typically, they use third-party wallets to convert your crypto or fiat currency into the other one and these are the casinos that only offer payments with cryptocurrencies.

On-chain crypto gambling is more secure and safe for players. Gambling occurs on a blockchain network and is more decentralized. Of course, for countries, it is much easier to deal with off-chain crypto gambling and track transactions. Some crypto websites ban access to particular IPs and individuals, preventing access from some states.

Crypto Gambling Licenses

While talking about crypto gambling we should not ignore the importance of license in various countries for online casinos. At present, licenses from Curacao and Malta are the most popular ones.

The main reason why online crypto casinos choose to have a license from Curacao is low taxes. It is only 2% of net profits. At the same time receiving a license is a really simple process and casinos can acquire it in a short amount of time. Furthermore, Curacao authorities only need one license, while other ones may demand several ones.

Paying attention to licenses is vital. Even though many online casinos are operating without licenses, still players often face complications. With a licensed company, it is always easy to resolve legal matters and in case something wrong happens, the regulator can always revoke the license.

Overall, most countries regulate the crypto gambling industry by requiring licenses from online casinos. In such a way they filter out dishonest and illegal operators from the market.

How Do Some Countries Regulate Gambling?

As aforementioned crypto gambling has already gained a foothold in the majority of countries and this is something extremely hard to put in the legal framework. We can have a look at some states where crypto gambling is always subject to discussion.

Japan

Crypto gambling in Japan is not as rampant as it may seem. The situation here is pretty weird. The country even though it tries to restrict players from crypto gambling is unable to completely prohibit crypto transactions. The government is also not very welcoming towards crypto gambling and tries to curb the use of Bitcoin for gambling as much as possible.

United Kingdom

Crypto gambling is really popular in the United Kingdom. There are numerous online casinos, betting sites, and offshore operators within the country, and crypto gambling are accepted. Users can start playing with cryptos and they will not face any problems.

Canada

Using crypto for gambling in Canada is prevalent. There are no third parties involved that will track the payments you are making. You can try out different games not fearing that you will have problems.

Taxation of Crypto

Little by little countries are imposing taxes on Bitcoin, that is, winnings in crypto gambling could be a subject of taxation. This rate is individual from country to country. Some states have really large tax requirements for online casinos, while others offer a relatively moderate amount of rates. Everything depends on a particular jurisdiction.

Will Counties Fully Embrace Crypto in Gambling?

The process of adopting cryptocurrencies in online gambling has already started and the process is really hard to stop especially when there are so many players involved in it. Even though they try a lot to somehow regulate this field, more and more online casinos are gradually accepting crypto payments in different cryptocurrencies. This tendency is likely to continue in the future.