The legality of gambling in certain regions is the first point of concern for most people.
Countries like the United States and Israel strictly forbid all forms of online gambling. It includes bitcoin gambling as well. But in countries like Canada and Australia where gambling is allowed, the legality of bitcoin gambling can be very unclear.
I was roaming the Web in search of facts surrounding bitcoin casino and the cryptocurrency industry in general, and here are the most important of them that I pulled from a brilliant article published by ICO Pulse.
- Bitcoin is still not viewed as a form of legal tender by most governments but viewed as a form of product that can be bought or sold.
- The online gambling establishments are not licensed by most government bodies but monitored just as other casinos.
- The major advantage in gambling with bitcoin is the anonymity it can bring to the players that choose to remain anonymous.
- The push for proper regulation for the cryptocurrency market is already ongoing in most countries.
- Parts of the world where online gambling is allowed with heavy regulation, payments can be made using bitcoins.
However, for the countries where bitcoins are accepted on the gambling site as a means of payment, there is still a need for these online gambling establishments to get licensed in these countries. Bank will require the licenses of these online platforms to process the payments for them legally.
Countries That Regulate Bitcoin and Other Cryptocurrencies
While some countries view bitcoin as a product, others have strict regulation and restriction of cryptocurrency. The following countries have strict restrictions:
Although in recent years the idea of cryptocurrency and the advantages it brings is now being considered, Russia is still one of the countries with strict regulation on the legality of cryptocurrency.
It is also worthy to note that this stand from Russia might get reviewed soon as the authorities are reconsidering their stand on the laws and regulations of crypto.
Online gambling in Israel is forbidden entirely. The crypto market in Israel is under stringent regulation from Israel’s Money Laundering and Terror Financing Prohibition Authority. Online gambling with bitcoin in this jurisdiction is wholly forbidden.
Due to the anonymity and the non-central payment system, the country’s authority views bitcoin as a risk to its national security and currency hence imposing heavy restrictions on the direct involvement with the crypto market.
It is illegal to use bitcoin or any other form of cryptocurrency in Bolivia as the central authorities have declared that it is illegal for anyone to use a currency not proclaimed legal as a means of legal tender by its government.
Above all, the legality of online gambling platforms varies in different countries. The use of bitcoin and other cryptocurrencies is not as widespread, but it is a fast developing market.