The legalisation of crypto transactions is discussed in many prestigious jurisdictions, including many countries in Europe and North America. Local authorities, as well as the business elite, note the promising nature of digital assets and excellent opportunities for their growth.
Bitcoin casino software is based on blockchain technology. It is a global peer-to-peer structure that consists of millions of interconnected elements — hash blocks. Information about transactions (completed ones and planned operations under smart contracts) is stored inside the chain links.
Blockchain technology is associated with mathematical encryption algorithms. The data within the chain is protected through cryptography (the SHA-256 algorithm is used for the security of BTC projects).
Launching a Bitcoin casino is a pretty simple procedure. An entrepreneur will need a unique BTC wallet for receiving deposits from gamers and paying them winnings.
The start of crypto casinos has such significant strengths:
The activities of gambling operators do not depend on changes in geopolitics and legislation of specific countries.
To perform cross-border BTC transfers, businessmen do not need to agree on payments with banks, customs, and other regulatory authorities
The absence of intermediaries between an operator and a gamer reduces the cost of operations dramatically.
Entrepreneurs do not pay commissions to banks. There are no fees for maintaining a commercial account or a plastic card
All information is stored in peer-to-peer blocks encrypted using the SHA-256 crypto protocol. Data cannot be faked, stolen or transferred to a third party.
Access to personal BTC wallets is carried out through electronic keys. They also encrypted using cryptography methods
Good response from gamblers
Users prefer to place bets in blockchain casinos due to their outstanding reliability and high operating speed.
Customers also note the anonymity of this format and access to gambling sites from anywhere in the world
The development of Bitcoin casino solutions is the future of the iGaming industry. Blockchain projects are of great interest to novice entrepreneurs and experienced investors today
Despite the significant advantages of blockchain projects, the authorities of many countries are still halfway to the legalisation of Bitcoin casinos.
The main difficulties for governments are caused by:
At the same time, the iGaming operators are not averse to buying Bitcoin casinos and operating in the chosen jurisdiction legally. They are ready to hire employees, pay taxes, and undergo inspections by regulatory authorities.
Conducting an honest blockchain business increases the confidence of gamblers and B2B partners.
When working in a legal environment, it is much easier for operators to connect certified software or integrate an affiliated service. Therefore, the future of Bitcoin gambling scripts is in lawful and transparent business.
On June 9, 2021, the General Assembly of El Salvador (the country's legislative branch of government) adopted the Digital Currencies Law. The document contains 10 points on the legalisation of Bitcoin and equates BTC to the national currency — the US dollar.
Here are the key points of the law that have a positive effect on the crypto market:
The experience of El Salvador perfectly demonstrates that the future of the economy belongs to digital currencies. Given the fact that online gambling is legalised in this country, it has colossal potential for the growth of the gaming industry.
In addition, El Salvador is the first country in the world to legalise BTC payments to the full — without any restrictions and additional requirements for companies. A businessman can register a new legal entity and install a cryptocurrency casino script to accept payments, pay salaries and taxes right after that.
A significant contribution to the development of the blockchain market was made by the European Court of Justice (CJEU).
At the beginning of this year, the EU's highest instance made a positive decision in the case of David Hedqvist, the owner of the Swedish crypto exchanger. The court established the legality of exchange transactions between digital and fiat assets and exempted BTC operations from VAT.
The innovations affect such aspects of casinos’ operation:
The CJEU solution simplifies the management of crypto projects in the EU. Entrepreneurs are exempt from double taxation of transactions. Besides, Bitcoin itself is equivalent to international payment methods.
Businessmen expect that the EU countries (Germany, Sweden, Spain, France) will finalise local legislation following the requirements of CJEU soon.
North America is interesting primarily because online betting and gambling have been legalised in the region in many promising states since 2018.
For example, it is possible to organise an iGaming project in:
As for the support of Bitcoin payments, the policy of the highest legislative bodies of the United States largely converges with in terms of gambling activities. The Supreme Court ruled that each state can define the operation of crypto casinos and other blockchain projects dependently.
For example, the Blockchain and Digital Assets Act obliges all companies that work with cryptocurrencies to obtain a special permit in New Jersey. Entrepreneurs incur penalties — $500 for each working day, for carrying out unlicensed monetary operations.
It is also necessary to obtain a crypto licence in Georgia and Pennsylvania. Local authorities in Iowa, Michigan, and Delaware have not yet interfered with BTC transactions.
It is worth noting that the turnover of digital money in the United States is partially regulated at the federal level. Therefore, before buying crypto casino scripts in the United States, operators need to familiarise themselves with the requirements of the SEC.
In a recent interview, James Dimon, the manager of the US bank JPMorgan, urged the governments of major economies to resolve the issue of legalising cryptocurrencies as soon as possible.
As Dimon notes, the investment bank JPMorgan loses tens of billions of dollars annually due to grey schemes associated with digital money. The legalisation of Bitcoin and altcoins will bring businesses out of the shadows and improve the situation in the banking sector.
The head of Fidelity Investments, a digital asset management organisation, Riya Bhutoria calls Bitcoin "money of the 21st century." Investors are attracted by the reliability and centralisation of BTC transactions. They are actively investing in blockchain projects, including Bitcoin casinos.
Bhutoria notes that only 1% of BTC transactions were related to illegal activities and money laundering at the end of 2020. Bitcoin is a prestigious digital asset with tremendous growth prospects.
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