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Bitcoin Casinos in United Kingdom: Legalities & Regulations

Dec 26, 2017 Admin Regulation
Country
United Kingdom

Bitcoin is getting stronger by day. What was once a non-viable online currency has scaled the heights and is set to revolutionize online transactions including gambling. This electronic currency only exists in virtual world and it is not controlled by any financial authority or government. Given its anonymous nature, it has led to an explosion of underworld online activities mainly transacted through crypto-currencies. 

According to www.gamblingkingz.co.uk, many Britons indulge in bitcoin gambling because it attracts minimal transaction fee and can be done within the shortest time possible. UK bitcoin casinos are also known to offer special games known as “Provably fair games” to bitcoin players hence the fuss. And of course, bitcoin casinos guarantee complete anonymity and are secure.

Bitcoin casino is one of the most exiting industries in the UK, many gambling sites like Arcades, Sportsbook, Lotteries among others are actively in operation. Nevertheless, there are a number of...


Bitcoin Casinos in Canada: Legalities & Regulations

Dec 26, 2017 Admin Regulation
Country
Canada

Bitcoin has undoubtedly become the world first decentralized digital currency; it uses cryptographic techniques to ensure secure online transactions. Since its release in 2010, it has grown to be a leading player in online transactions and is rapidly gaining legitimacy across the world. USA, Canada, Australia, Iceland among others are actively involved in bitcoin trade. 

Among the more than 500 crypto-currencies available today, bitcoin still have the “first mover” advantage. Tax authorities and enforcement agencies worldwide are grappling with this phenomenon since its use has awakened the proliferation of online underworld activities like bitcoin casinos. This has been worsened by the fact that bitcoin is never issued, endorsed or regulated by any known commercial or central bank.

Just like their southern neighbors the USA, Canada has exhibited a rather bitcoin friendly stance since its release, laws have been enacted to ensure that crypto-currency are not used for money laundering...


Bitcoin Casions in Australia: Legalities & Regulations

Dec 26, 2017 Admin Regulation
Country
Australia

With Bitcoin value constantly on the rise, it has become evident that regulatory frameworks surrounding its operations and other crypto-currencies should be put in place. Not to be left behind are online casinos which transact only in bitcoins. 

Until recently, only China and Japan had shown unwavering desire to regulate bitcoin exchanges including casinos, now Australia has also joined the pack. According to www.casinopedia.org, in the year 2016/2017, Australian pokies suffered their worst trend ever since 2002 prompting fears that the gambling industry may be declining fast. This was majorly attributed to emergence of online casino games and illegal gambling website.

The Economist named Australia as the biggest online gambling heaven with a probable annual loss of 900$ per adult player. This report also predicts a 15% year-over-year growth in this industry. 

Legalities & Regulations

Limited gambling opportunities pushed players into the black online markets and this prompted the...


Legality And Regulation Of Bitcoin And Other Cryptocurrencies In Venezuela

Dec 26, 2017 Admin Regulation
Country
Venezuela

Venezuela is a nation that is relying completely on cryptocurrencies like Bitcoin after the nation was struck by hyperinflation, which had adversely affected the nation’s economy. And the reason why Venezuelan people are using Bitcoin and Ethereum as an exchange is these cryptocurrencies are immune to inflation. Many Venezuelans have taken to bitcoin mining in a desperate attempt to earn some money. Bitcoin mining involves executing computations that are complex in nature and recording them in the blockchain, a distributed digital ledger. For the bitcoin mining work that they do, they are compensated using bitcoins.

Virtual currencies have become a necessity for transactions that are related to buying and selling goods and services. Initially, the nation’s leading bitcoin exchange was SurBitcoin but after the economy of the nation went down and Banesco bank shut down, the operations for the bitcoin exchange to be temporarily discontinued.

How are Cryptocurrencies Regulated In...


Taiwan Paves Way for The Use of Bitcoin and Other Cryptocurrencies

Dec 26, 2017 Admin Regulation
Country
Taiwan

Taiwan has decided not to join China and South Korea’s league in outright banning of cryptocurrencies. In the past, Taiwan had issued public warnings about the risks associated with using and trading bitcoins and other digital currencies. While Taiwan people won’t find ATMs for bitcoins in this country, as it is considered to be illegal, they can still buy, sell and trade bitcoins and other cryptocurrencies.

Wellington Koo, the chairman of Taiwan’s Financial Supervisory Commission has promised to change Taiwan’s perspective about bitcoins and other virtual currencies and adopt a more positive approach to develop a legal framework for adopting blockchain technology.

Taiwan’s Efforts in Making Bitcoin and Other Cryptocurrencies Legal and regulating these Virtual Currencies

The Financial Technology Innovation Experimentation Act’ bill, that was proposed by Executive Yuan right after Koo’s pledge to adopt blockchain technology, and later approved by the...


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