Bitcoin casinos regulation and licences
At times there is some confusion relating to the legal aspects of bitcoin, and other cryptocurrencies. This is mostly due to the fact that many countries have yet to accept bitcoin as a real currency. Consequently the legal framework on regulating them is not yet in place.
But bitcoin casinos have found a way around such restrictions. They have or, can have, an in-house payment processing mechanism. They offer bitcoin wallets, and the player’s withdrawals and deposits.
In addition, there are now technologies that are resistant to any censorship. The companies that have received the license to start such online gambling casinos believe that they are answerable only to the jurisdiction of the country or region from where they received the license, defeating the purpose of a ban on gambling as is applicable in the US.
Licenses, and regulations, however, inspire confidence that there is a safety net to depend upon, and that there is a mechanism in place for addressing grievances. With a gambling license for bitcoin casinos, there could be an official linking of merchant banks to the casinos, for payments and withdrawals, thus reducing chances of any fraudulent activity in the account. Provably fair bitcoin casinos have emerged to overcome the scepticism.
As more and more countries start accepting bitcoins as a currency, its value will start stabilizing and volatility will come down. The loopholes in the existing licensing regime and regulations relating to bitcoin casinos can also be plugged, giving such gambling a legal framework.