Turnkey Bitcoin Casino: Order a Legal and Profitable Solution at Smart Money

Cryptocurrency is actively used in various sectors of the economy: finance, insurance, logistics, real estate, and tourism. Digital money has had a significant impact on the gambling niche as well. At the end of 2020, more than 50% of new Blockchain projects were gaming sites.

It is an excellent and timely decision to order a Bitcoin casino script and launch a profitable web gambling platform.

Employees of our company will help you to understand all the peculiarities of BTC business licensing in prestigious jurisdictions. Smart Money offers its clients to purchase a turnkey Bitcoin casino that already has a necessary permit and a powerful gambling system.

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Prospects and Nuances of Launching a BTC Portal

The development of a Bitcoin platform is based on a Blockchain system that contains information about billions of transactions all over the world. Data is stored in special cells — hash blocks — which form the global network.

Anyone can view the history of transfers but nobody can change or delete the contents in the cells. All information is encrypted using cryptography. Specifically, for Bitcoins, the SHA-256 mathematical algorithm is used, for Litecoins — Scrypt, and for Ethereum — Ethash.

Let us consider the key benefits of the decision to buy a Bitcoin casino:

Legal Status of Cryptocurrencies: Key Nuances

Business owners can easily start a Bitcoin casino by opening a BTC wallet and installing several popular slot machines. Some difficulties may arise only when it is necessary to declare income received in digital funds.

There are 2 options: exchange Bitcoins for fiat money or show the profit earned in crypto tokens. In both cases, it is important to consider the legal status of virtual assets in a particular jurisdiction.

The leading countries have long appreciated the advantages of using digital money. Thus, China and India are planning to release their currency, which will replace both Bitcoin and the US dollar in the future. Other states have partially or completely legalised the use of such a type of funds, which facilitates the implementation of business projects based on Blockchain technology.

Currently, the legal status of digital assets is fixed in 94% of countries but there is still no unity in the global legislative practice. The main difficulty is diametrically opposite approaches to the Bitcoin valuation.

Jurisdictions interpret the nature of cryptocurrency differently, calling it:

• means of payment (along with electronic money or bank debit cards);
• the monetary unit of account (they compare Bitcoin with the US dollar, euro, and pound sterling);
• an investment or virtual asset (a tool for implementing promising ICO projects);
• goods (to conduct tax-free exchange transactions).

When searching for a Bitcoin casino for sale, operators should focus on the region of distribution of gambling entertainment. Another important step is the refinement of the iGaming project depending on the specifics of local legislation in the selected country.

How Bitcoin Transfers Are Regulated in Russia

Crypto tokens entered the local legal field on January 1, 2021. The corresponding bill has been in the adoption stage since 2015. The deputies made changes, then returned the document for revision and consulted with business representatives.

Highlights of the law on digital assets:

1. The legal status of Bitcoin is determined. It is a digital currency that does not have an issuer. Individuals and legal entities can own, sell, and buy it, as well as conduct exchange transactions with fiat currency and other assets (for example, securities).
2. It is not allowed to accept payment in BTC for services provided. For those who are wondering how to start a Bitcoin casino, there is an excellent alternative: work under smart contracts. This is a contractual relationship in which the amount and terms of the transaction are agreed upon in advance and encrypted according to the SHA-256 algorithm.
3. Cryptocurrency is equated to property. As a result, holders of Bitcoins and other tokens must pay an income tax of 13% on the profits received in digital assets. The government offers business owners the following easing: they can report on taxes at the end of the financial year, and not every month.
4. Legalised work of standard and crypto exchanges. In particular, such companies must keep all information about the conducted transactions for 5 years. The law establishes a “goodwill” requirement for Blockchain exchanges. It means the absence of a criminal record and administrative fines for the last 3 years, as well as support for the AML policy.
5. Penalties for illegal cryptocurrency operations. Those entrepreneurs who make transfers in digital assets without declaring them must pay a penalty of 10% of the transaction amount. For non-payment of tax, a fine of 40% is imposed.
6. Advertising of virtual money is allowed. For example, it is possible to promote ICO investment projects but with a warning that the offered solutions are high-risk. Moreover, any advertisement should not contain forecasts related to fast-growing exchange rates and extreme profitability.

The legalisation of cryptocurrency in Russia is an important milestone in the development of the country's digital economy. However, the law still needs some refinement.

Thus, the work of miners remained outside the regulation. The ban on paying with Bitcoin for the purchased goods and services received also causes certain difficulties.

The CIS Countries Experience in Blockchain Transfers Legal Management

In the CIS region, the status of digital assets is defined in almost all countries, except for Moldova and Kazakhstan. In Moldova, the issue of the legal circulation of cryptocurrency was not even raised at the legislative level, and in Kazakhstan, the use of Bitcoins and other tokens is strictly prohibited.

Let us consider how the digital currency environment is regulated in other CIS countries:

Estonia

It was one of the first in the world to legalise BTC, comparing it with an alternative monetary unit. All cryptocurrency operations are allowed by the government, including mining, exchange, and payment for goods and services.

An undeniable advantage for those entrepreneurs who are planning to start a crypto casino in Estonia is the loyal fiscal policy.

Transactions of this type are not subject to VAT and income tax, and the entire financial burden falls on the end user: the gambler. Estonians pay 7% of the won prizes, and players from other countries — depending on the legislation in their jurisdictions.

It is worth noting that the circulation of digital currencies has not always been so cloudless. Until 2019, more than 500 crypto companies were operating in the country that conducted transactions all over the world. In 2019, after the international scandal with Danske Bank (with money laundering for about 200 billion dollars), the local government tightened the legislation.

Before buying a Bitcoin gambling script in Estonia, operators will need to obtain 2 licences:

• for opening an online casino;
• for managing a BTC wallet and carrying out exchange operations.

The Republic of Belarus

This country is the largest provider of IT services in the European market, so it is not surprising that the circulation of Blockchain assets is legal here.

The main points of the Decree about the development of the digital economy, which was adopted in 2017:

1. All operations with Bitcoins are allowed in Belarus. Entrepreneurs can buy and sell digital assets, mine and store cryptocurrencies, exchange funds for fiat money, and invest in ICO programs.
2. To work with digital assets, a licence must be obtained. To do it, businessmen need to register their companies in the Hi-Tech Park. This is a state IT hub around which all leading enterprises and top software vendors are concentrated.
3. Until 2023, BTC transactions are exempt from taxes. Moreover, companies do not even need to declare cryptocurrency funds. Investors expect the grace period to be extended until at least 2025.

The only controversial point is the ban on gambling in the country. Currently, only BTC casinos with a domain address in the .com zone are allowed to provide services.

Ukraine

The Digital Assets Bill is in the final stages of development. In April 2021, the Verkhovna Rada adopted the document in the first reading, and a second vote took place in early September.

It was important for the committees to study the new requirements of the FATF. International anti-money laundering rules are advisory but transnational companies and enterprises with foreign capital need to take them into account.

Today, operators can connect a crypto casino script to work with a .com domain address. Moreover, all types of casino entertainment with settlements in hryvnias are allowed in the country. Businessmen can launch virtual locations, betting shops, and poker rooms.

The Main Things about Legal Crypto Casino Payments

From Smart Money, you can buy a profitable Bitcoin casino on a turnkey basis. This is a ready-made project with a wide range of elements: a catalogue of dynamic video games, a CRM system, reliable payment tools, etc.

Just choose the jurisdiction where you want to provide services, and we will help you with licensing and the resolution of legal issues.

• The advantages of opening a Blockchain casino include decentralised and secure operation of the project, good feedback from gamblers, and excellent prospects for business growth and scaling.
• Cryptocurrency is a digital asset with legal status. Most countries equate Bitcoin with alternative means of payment and monetary units.
• BTC transactions are allowed in Belarus, Estonia, and other CIS countries. In Ukraine, cryptocurrency was legalised in 2021.

To get a demo version of the casino platform, just leave an application on our website.

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