Is Gambling with Bitcoin Legal: Obtaining Licences for Crypto Projects
For several years, representatives of different industries have been trying to introduce cryptocurrency payment methods into their businesses.
Bitcoin is not only a good way to invest, but also an excellent alternative to traditional financial instruments. Aspiring entrepreneurs often ask: are Bitcoin and crypto gambling legal?
Look for the answer to this question as well as a lot of useful information about obtaining a gambling licence for crypto gaming start-ups in this article.
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When cryptocurrencies entered the global economic arena, many governments did not take them seriously. They believed that digital money could not become a full-fledged alternative to real currencies. However, the situation in the modern world has radically changed. A huge number of people are eager to invest their resources in Bitcoin casino software.
Here are some interesting statistics about cryptocurrencies:
more than 2% of Americans own digital money; the average age of BTC users is 35–45 years old; there are 8488 bitcoin ATMs in the world today; almost 2 million UK citizens use cryptocurrency services.
Many states have started to support blockchain payment methods. For example, you can find self-service terminals that allow customers to use Bitcoin in some American and Australian supermarkets and post offices.
The process of introducing cryptocurrencies into the economies of different countries is carried out at different speeds. Some states are just beginning to master this payment method and get acquainted with its features. Nevertheless, BTC is gradually penetrating all areas of modern life around the world.
As for the legislation in the area of Bitcoin gambling, no clear laws are governing this segment of the entertainment industry. Digital currencies do not belong to any country. That is why governments cannot impose severe restrictions on the use of virtual money. Therefore, the application of Betradar software or other brands' products for Bitcoin casinos is completely legal in any country.
The usage of blockchain services in an online casino will bring you such benefits:
Anonymous users. Reliable modern data encryption technologies will allow your clients to remain incognito during financial transactions. Moreover, the customers will not need to enter their data while registering on the site. Operational safety. Blockchain tools will provide a secure financial environment. The likelihood of hacker attacks or the application of fraudulent schemes while using cryptocurrency payment modules is reduced to zero. The lack of intermediaries. The conduction of money transfers without mediators will bring you several advantages at once. First, you will be able to accept deposits and pay out winnings without a special financial licence. Moreover, you and your clients will avoid commission fees. Fast transactions. In most cases, money transfers are carried out instantly or in a few minutes. Sometimes the waiting time can take several hours. Nonetheless, it is a much faster method than bank transfers or traditional electronic payment systems.
Aspiring entrepreneurs are often interested in whether an online gambling licence is needed for crypto projects. The legislation around Bitcoin casinos does not provide for mandatory permitting because all financial transactions take place without the participation of banking institutions and intermediary payment services. However, we recommend you consider the issue of online casino licensing.
Obtaining a permission document will help you achieve these goals:
the creation of a positive business image; cooperation with reliable suppliers; the interaction with promising partners; quick and easy access to any market.
Some managers believe that the purchase of a casino gaming licence is a costly affair. This is partially true.
If you ask experts how to get a German licence or a permit from any other Western European country, you will find out that the price of such documents is rather high. At the same time, there is an ideal alternative — obtaining a casino licence in offshore jurisdictions.
The cost of such permits is quite affordable. Even a beginning entrepreneur can afford to buy an online casino licence.
An operator will receive some additional benefits:
low tax rate or lack of charges; long term of validity of a document; the possibility to provide services around the world; fast registration of a company within an offshore territory.
Explore the features of different offshore zones to open a casino with a licence on favourable terms.
We advise you to pay attention to the following jurisdictions:
This jurisdiction is an ideal option for businessmen wishing to buy the Pragmatic Play software and work with a high-income European audience. The presence of a Maltese permit will allow you to enter the market of any country in the region and beyond.
According to local laws regulating Bitcoin gambling, the corporate tax for representatives of the gaming business is only 7%.
To obtain a local licence, follow these steps:
Contact the Malta Gaming Authority. Explore the commission’s requirements. Prepare the requested package of documents. Open an account in a local bank. Pay government fees. Apply to the regulatory body. Wait for a response from the commission.
The Maltese authorities take innovations well. Therefore, they do not impede the development of various crypto projects. If you are looking for a Bitcoin casino to buy, consider registering your future company in this country.
Even though Curacao is located in the Caribbean, it is part of the Kingdom of the Netherlands. This fact let an operator planning to buy a turnkey casino with a licence to cover the maximum number of markets.
He or she will be able to interact with both players from South and North America and Europeans.
The jurisdiction is popular among entrepreneurs for several reasons:
a good reputation (almost 20 years of experience); a universal permit for all types of gambling; the minimum package of required documents.
How to get a Curacao licence? You should contact the regulatory body Curacao e-Gaming. The representatives of the commission will provide you with detailed information on the conditions of permitting.
This jurisdiction is considered one of the most prestigious in the world due to its membership in the European Union. The territory belongs to the United Kingdom. Despite this, it has its unique laws governing the entertainment industry. Gibraltar’s legislation is very loyal to the owners of casinos and betting projects.
The first permits for gambling companies were issued back in 1998.
How to buy a gambling licence here? You have to provide full information about your company to the gaming commission, pay state fees and wait for a response from the regulator.
The cost of a licence is quite high here — 30 thousand pounds. However, by paying such a substantial amount, you will receive optimal conditions for the development of your business. For example, the tax on gaming activities is only 0.15% here.
This state provides an opportunity to obtain a licence for a minimum price — only 12 thousand dollars. Annual maintenance of the permit will cost you the same sum.
The provision of entertainment services to foreigners is tax-free. At the same time, the interaction with residents of Costa Rica is fraught with rather high taxes —25% of the company's income. Therefore, be careful. Set up Bitcoin Golden Race software or other suppliers’ programs correctly. Make sure users with Costa Rica IP addresses do not have access to your entertainment content.
The essential advantage of this small country is the stable economic situation. The local regulator, the Gaming Control Committee of Belize, has been issuing licences since 1990.
The affordable cost of permits and quick registration of firms made this jurisdiction popular among beginners with a limited budget.
As in the case of Costa Rica, serving the local population is prohibited. One of the main requirements of the regulator is the creation of the company's deposit fund in the central state bank of Belize.
The launch of a Bitcoin gaming portal is a legitimate business. The availability of a licence will let you confirm the transparency and honesty of your activities and gain an impeccable reputation in the desired market.
While choosing a jurisdiction for licensing, pay attention to the following aspects:
the cost of a permit; the duration of the procedure; the conditions for obtaining papers; the validity period of a document; the prestige of a jurisdiction; a potential market coverage.
Are you interested in how to start a Bitcoin casino? Contact our managers to find out more useful information on this theme.
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