Ever since cryptocurrency started its global implementation in different spheres, the online gambling industry was by far affected the most. With the appearance of online casinos based on blockchain technology, it is becoming even easier for the industry to expand and attract new users.
Crypto casinos benefit from the perks crypto can offer but also struggles with its demerits. It can go to pretty much everything – from transaction fees to the level of anonymity.
Legal Issues
Even though crypto casinos got popular almost overnight, they still struggle to get approval from governmental authorities.
That is where all potential problems are coming from – the further need for legalization of such casinos will become a great burden. That stems from the decision of national regulators to close down crypto casinos operating in their jurisdiction. Hence, the whole gambling industry might suffer a lot as a result.
Such chaos can be explained by an unclear status of cryptocurrencies as they are not recognized as legal tender in countries like the UK, for instance. Even though the government taxes crypto profits, other activities associated with crypto are considered to be invalid. That means that while it is possible to make payment in cryptocurrencies, it is impossible to make crypto stakes and bets.
Country Restrictions
That is the root of the problem. In order to operate freely around the world, crypto casinos should implement a certain structure. However, there are some points that are still lacking: permission, acceptance, and recognition from the countries they are operating in.
That all can result in crypto casinos simply vanishing in the near future if they will not work with regulatory bodies and get their gambling licenses.
