Bitcoin is one of the most talked-about currencies today. This digital monetary unit was able to grow in value thousands of times over 10 years.
The representatives of the entertainment industry buy Bitcoin casino software to expand the audience of their customers and get more prospects for business development. However, some operators are unsure of the lawfulness of this popular payment method. Let us find the answer to the question: are Bitcoin and crypto gambling legal?
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The authorities of various countries have different attitudes towards digital currencies. Therefore, the legislation in the area of Bitcoin gambling in some states may differ significantly. For example, the European Union is quite loyal to crypto payments.
Some US states also do not set any restrictions and prohibitions on the use of Bitcoin and other blockchain payment services. At the same time, other regions of this country are just beginning to interact with cryptocurrencies and study their features. There are no clear laws regulating Bitcoin gambling today.
This situation was caused due to the following characteristics:
The presence of a permission document that allows activities in the specific entertainment segment is not a prerequisite for opening a virtual gaming project. However, managers wishing to gain a good reputation among potential consumers prefer to buy a gambling licence.
An entertaining permit will allow you to:
Due to the absence of intermediaries during money transfers, you do not have to receive a special permit for conducting financial operations.
This advantage, as well as the absence of commissions, will let you save a lot of money. The only permit you should get is a casino licence. The presence of such a document will testify to the transparency and reliability of your company.
How to buy a gambling licence? There are several tasks to complete:
The search for a suitable jurisdiction
Many offshore zones offer to buy an online casino licence.
They attract operators with opportunities for international work and favourable tax conditions
The acquaintance with the requirements of a gaming commission
Each regulatory body puts forward its list of requirements for obtaining an online gambling licence.
As a rule, it includes financial aspects, legal nuances, technical characteristics, and other features of a start-up
The preparation of requested papers
It is necessary to ensure the complete package of documents required by the commission of the selected jurisdiction.
A competent approach to the preparation of papers will help you speed up obtaining a casino gaming licence
The payment of fees established by a regulatory authority
All charges set by the regulatory authority must be paid on time to proceed to the next stages of registering a permission document
The submission of an application to the commission
The prepared package of documents should be handed over to the representatives of the jurisdiction
Waiting for a response from the regulator
The consideration of an application may take from several weeks to months.
Everything depends on the scale of a business and the legislative characteristics of jurisdictions here
Entrepreneurs choosing the virtual segment prefer the following jurisdictions:
Let us consider each option in more detail.
Curacao is located in the south of the Caribbean Sea. This geographic object is part of the Kingdom of the Netherlands. It means that the purchase of a turnkey casino with a licence from this offshore zone will allow you to enter the Western European market on optimal terms.
Permits issued by European states are quite expensive. Besides, the countries of this region establish rather high tax rates for operators wishing to open a casino with a licence. Therefore, organising a start-up with a Curacao permit is a great alternative here.
The jurisdiction has such advantages:
How to get a Curacao licence? You should register your company within this territory and contact the local regulatory authority Curacao e-Gaming. The representatives of the commission will inform you about the detailed conditions of cooperation.
This is another ideal variant for entering lucrative markets. If you are interested in how to get a German licence or obtain a permission document from any other European state, it is worth considering Malta. This country issues licences to businessmen wishing to work in the European and international arena.
Malta has established rather loyal conditions for managers. The corporate tax for gambling businesses is about 6–7%.
This territory is located in Central America. It ensures favourable conditions for cooperation with Bitcoin projects. The licence price is only $12 000. Its annual maintenance will cost the same amount. The waiting time for a response from representatives of the iGaming commission is about 5–6 months.
The main feature of this offshore is the absence of taxes for firms registered in Costa Rica but providing their services abroad. At the same time, the tax on gaming offerings supplied to residents is very high — 25%. That is why we advise you to block access to your online resource for IP addresses from Costa Rica.
The availability of a licence will allow you to work in any region of the world without violating the legislation around Bitcoin casinos. In addition to registering firms and issuing permits, the offshore offers servers for entertainment projects for rent. The hosting cost is quite affordable even for beginners.
If you decide to launch your start-up focused on the European and British market, think about purchasing the Yggdrasil game software for crypto casinos and obtaining a Gibraltar licence. This territory belongs to the UK.
It is a full member of the European Union and has its laws governing the entertainment industry. They are fundamentally different from UK legislation due to the greater number of benefits for managers.
The jurisdiction is marked by the following features:
Belize is a small state located in the Caribbean Sea. This is a former British colony. The lion's share of its economy is made up of income from the licensing of offshore companies. The jurisdiction closely cooperates with representatives of the entertainment business from numerous countries.
The state began to provide offshore registration services for companies back in 1990. The territory stands out among other jurisdictions due to the low cost of licences, the minimum package of required documents, and the quick consideration of operators' applications.
Belize has a stable economy and a good reputation in the global arena. Therefore, it is often chosen by both major players in the gaming industry and beginners who do not want to risk their finances.
The services of this jurisdiction are in demand among operators due to the possibility to work in Europe legally. This country has established a fairly moderate tax for gambling enterprises (about 12%).
Companies registered in Cyprus are trusted all over the world. That is why newcomers wishing to develop in the field of crypto gambling buy Bitcoin Betradar software and receive permits in this state.
The procedure for obtaining a licence is standard. A prerequisite is the creation of a bank account in Cyprus.
The use of Bitcoin payment services allows managers to conduct transparent and legal activities in any country in the world. Players receive complete anonymity and a secure financial environment thanks to high-quality Golden Race software and programs for crypto gaming portals from other famous vendors.
To gain the trust of a wide audience, it is necessary to obtain a licence in any offshore jurisdiction.
It will help you:
Would you like to know how to start a Bitcoin casino in more detail? Contact our consultants. They will help you choose the optimal jurisdiction, select good Pragmatic Play software or products from other brands, and create an effective business promotion strategy.
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