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Is Bitcoin Gambling Legal? Exploring Crypto Gaming Legality
September 6, 2022
Is Bitcoin Gambling Legal? Exploring Crypto Gaming Legality
September 6, 2022
Gambling at Bitcoin Casinos – Is It Legal?
Cryptocurrency is fast becoming a popular payment method at online casinos. The anonymity of play, the safety of transactions, and the speed of withdrawals are just some of the many benefits associated with bitcoin gaming that are so alluring to players.
With that said, many people find themselves musing at bitcoin gambling legality. There is much ambiguity around this topic – oftentimes bringing about more questions than answers. This blog aims to clear up the confusion – tackling two core areas of consideration: region and licensing. Let’s take a closer look.
Is bitcoin gambling legal? Region rules and regulations
When answering the question of “is bitcoin gambling legal?”, it’s important to consider the following: the same laws apply to crypto gaming as they do with any other type of online gaming. That is, each territory/region has its own rules and regulations.
In some regions, there are no prohibitions placed on online gaming as a whole. Other regions may prohibit online casino gambling, but allow sports betting. Others will allow online casinos to operate only if they have a brick-and-mortar counterpart operating in the same region.
Is crypto gambling legal? Fast Facts
- At its core, there are no specific laws that regulate crypto gambling. This means that there are no official laws that allow it, or prohibit it
- Many regions have a positive attitude towards crypto gambling, leading to widespread adoption of bitcoin gaming
As bitcoin is considered a virtual currency, and not necessarily a ‘real’ currency, the regulations placed by governments on fiat currency casinos are not necessarily applied to bitcoin casinos - Just like traditional online casinos, there are regions where bitcoin casinos are strictly prohibited. Some casinos work around this by creating offshore casinos, which you can access by using a reputable VPN. This is a casino that is located in another country and would, therefore, operate outside the laws of that country
Understanding the importance of licensing
Essentially, as long as a bitcoin casino is following the rules and regulations of their jurisdiction, they are operating within a legal framework.
A valid licence is a crucial player protection tool
Much the same as a traditional (fiat currency) casino, players need the peace of mind that comes with knowing that they are playing at a reputable, and valid, establishment. Additionally, it’s imperative that the casino – regardless of the payment methods accepted – operates according to a strict set of rules and regulations, and that they are protected by an independent regulatory authority.
Punt Casino is licensed by the Curaçao Gaming Authority
Punt Casino is a bitcoin casino that is fully licensed and regulated under the laws of Curaçao, which means that players are guaranteed a safe and fair player environment. Additionally, Punt is certified by the CDS Corporation Ltd., an independent player dispute and mediation service.
The advantages of gambling with bitcoin
There are a plethora of enticing benefits that are part and parcel of crypto gambling. Here are some of the top reasons so many players choose to play at a legal bitcoin casino such as Punt:
- Your casino activity is private and completely anonymous
Deposits and withdrawals are processed almost instantly - You have the chance to grow your winnings when taking advantage of crypto market fluctuations
- All transactions do away with third-party apps. This means that there are absolutely no banking fees tied to your transactions – leading to cheaper processing fees overall
- Your transactions are protected by secure cryptography, in addition to Punt’s SSL (Secure Socket Layer) digital encryption technology
5 fun facts about crypto
- Cryptocurrency is a virtual currency that makes use of blockchain technology
- Crypto transactions are heavily fortified thanks to cryptography, which prevents counterfeit transactions – one of the major allures of cryptocurrency
- Released in 2009, Bitcoin was the first cryptocurrency
- There are currently over 19,000 cryptocurrencies
- The first casino to use crypto was established in 2012
Summary
Bitcoin casinos are subject to the same laws, rules, and regulations as traditional online casinos. This means that there are regions where bitcoin casinos are strictly prohibited. However, certain casinos work around this by creating offshore casinos – a casino located in another country. This means that the casino would then operate outside the laws of that country. Additionally, laws around gambling apply to companies/countries, and not individual players.
FAQ
Can you bet crypto legally?
Bitcoin gambling legality is determined by your region/state. This applies to all online casinos – not just crypto casinos.
Is crypto gambling traceable?
One of the major allures of crypto gambling is the anonymity associated with it. Your personal information is not linked to any of your transactions, and your transaction history won’t reflect on any of your statements.
Are Bitcoin casinos licensed?
Curaçao, a gambling jurisdiction, has issued licenses to myriad bitcoin casinos – including Punt. You can gauge whether a bitcoin casino is licensed or not by taking a look at the footer of the casino’s website. Licensed casinos will feature the Curaçao logo and will have a valid license number.
Is crypto gambling legal in the USA?
Many people have asked the question of whether a bitcoin casino in the USA is legal, and the answer isn’t clear cut. Basically, it depends on the state/region that you live in. Certain states have legalized all forms of online gambling, while in others, it’s prohibited. Some allow certain types of gambling (such as sports betting) but prohibit all others.
