How regulations are impacting cryptocurrencies
Crypto is changing almost every industry we know. Blockchain systems came into our lives, and most of the investors think that we are witnessing the future right now. The invention of crypto is changing multiple industries including the banking industry and even the gaming industry.
Most of the time, crypto is acceptable by online casinos in almost every country. We will cover the regulations from EU and Australia.
Crypto is important for established platforms
The decentralization of transactions in the 21st century is indeed a huge step forward. To ensure the transactions, we have established banking and legal system. We have even created third-parties to make transactions smooth.
Crypto is a new word in transaction space. It’s still in the development stage, and that’s why to see many negative views on it. At the same time, crypto already transformed many industries as you don’t let banks and third parties take a look on your transactions.
Regulations in Australia
Australia is indeed Crypto friendly territory. The country has a progressive government, and they declared Bitcoin transactions as legal all over the territory of Australia. In 2017, the Australian government stated that Bitcoin and every other crypto coin that shares BTC characteristics were applied as property, so they enabled Crypto in AUS legal system.
Online gaming operators used this advantage and added Bitcoin payments to websites. The best online casino Australia has declared that the “Bitcoin payment option” is the future of the gaming industry. Decentralization is indeed the pillar reason why online gaming platforms enable BTC. No technology or system can devalue or fool the Blockchain platform, and that’s the most significant advantage of BTC.
Regulations in EU territory
There is a different approach to Crypto adapted gaming platforms. Online casinos are a significant part of that space. Some of the European casinos already transferred to Bitcoin or Ethereum transactions. We have two approaches – one includes EU regulation itself, and another goes down to specific countries. In general, EU territory is very particular. We have to take into account not only country-specific law but also public law from the European Commission.
Online casino space itself is very debatable, and there is no consensus. European Commission admits that they give freedom and autonomy to EU member countries to organize online gambling law. Commission acknowledged that every country in the EU has enabled and legalized online gaming space.
EU has not stated one particular approach to crypto adapted online casinos. As for specific countries – we see that most EU members are pioneers in enabling crypto transactions. Switzerland is called “Crypto Nation,” and they have earned the name because of crypto-friendly decisions. Regulators decided to enable crypto payment options in the online gambling world quickly.
Meanwhile, Malta’s economy mostly depends on contribution from the online gaming industry. Country lawmakers are thinking about a new law that enables the unique option of payment – Bitcoin and Ethereum.
Regulations in US
If we take a look at the US, the state of Nevada is indeed the mecca of gambling. Back in 1930, one of the well-known American entrepreneurs, Bill Harrah opened the first gambling hall. That was the first step, and the rest is history. We saw the first online casino back in 1990 when the government gave license to the first company to open an online gambling site.
At the same time, the US has been looking to implement more regulations around cryptocurrencies, however, at the moment, crypto legislation is different in each state. If you look at the big picture, while the US has crypto-friendly legislation, it could definitely still be improved at the federal level.
Some of the countries with a developed economy, still have to work on improving crypto legislation. As you can see, Australia and some countries of the EU have better crypto legislation and is one of the reasons that Australia-based crypto platforms are doing so well. Meanwhile, the US still has a way to go to improve the general framework and legislation surrounding crypto on the federal level.
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