Online casinos that offer the opportunity to play with cryptocurrencies are currently flourishing. It is often possible to start the game without providing personal data and sometimes an e-mail address is sufficient. Online casino gambling in the US is illegal in all but six states and is kept in check by strict rules.
But those rules don’t hold up so well when it comes to bitcoin. Bitcoin casinos that offer users the opportunity to gamble with cryptocurrencies are booming and circumventing regulations while operating and promoting with near impunity. Dozens of gambling sites now offer a quick way to start baccarat online gambling.
Payments with fiat currencies do not work anonymously
Online gambling has grown exponentially in recent years both in the US and abroad. Twenty-two states and Washington, DC have permitted online sports betting. The virtual casinos that operate outside of the US must register in each state in which they operate. They make every effort to verify the physical location of their clients. They accept deposits by wire transfer or credit card in compliance with anti-money laundering regulations.
Crypto casinos make regulation of baccarat online gambling more difficult
Anyone who offers online gambling needs a license from the state regulator of the country in which the company is headquartered. Market leader Malta Gaming Authority has not yet licensed any casino to accept crypto payments. However, the authority has been working on developing regulations for this type of casino since 2018. The second test phase is currently underway.
That is why most operators of crypto casinos currently operate with a license from the Curacao Gambling Authority. Due to the crypto boom, experts are already observing a shift away from Malta and toward Curacao. The Curacao license is comparatively easy to get and also causes significantly less costs per year. Measures to protect players are not part of the requirements of this authority.
The regulatory authorities of the countries have to think about how this deficiency could be remedied. But as long as payments via the blockchain are anonymous, nameless and without the involvement of banks, finding a solution in this regard will be difficult. That this problem is still being tackled is shown by the fact that China and the USA will want to take more action on digital currencies.