Cryptocurrency Regulations Around the World

cryptocurrency regulations worldwide bitcoin block crypto legislation

Gambling and cryptocurrency seem to have been made for each other if you look closely at them. The digital currency allows gamblers to play their favourite casino games anonymously, make deposits and withdrawals instantly and benefit from a secure and safe experience. Of course, cryptocurrency gambling isn’t something that has support all around the world, despite the fact that many say it should. 

So, what exactly are the regulations around the world with regard to Bitcoin and other digital currencies? And how does this affect online gambling? 

As it happens, in 2018, Japan passed its very first law, which allowed land-based casinos to operate cryptocurrency gambling, and it is thought that online sites will follow suit in a legal format soon. The Payment Services Act in conjunction with the Financial Instruments and Exchange Act that the Japanese House of Representatives passed regulates the use of cryptocurrency in financial exchanges across the country. 

Yet, this doesn’t necessarily mean that the crypto gambling industry is more relaxed in Japan. The blockchain network Tron opted to block gambling apps in Japan due to severe limitations imposed by domestic regulators. Yet, it’s not only Japan that has strict regulations in place with regard to crypto gambling. There is just a small group of countries that officially regulate it, which include the United Kingdom, Greece, Poland and Italy. Looking at the rest of the world, cryptocurrency betting is pretty much outlawed, so to speak. This is true at least in a “legal format”. Various offshore casino sites allow for crypto gambling to take place from all over the world as an alternative. 

Other Regulations For Crypto Gambling 

Gamblers based within the United Kingdom actually have quite an easy time of it where cryptocurrency betting is concerned. Many providers operating there are happy to accept Bitcoin and other digital currencies for the funding of accounts. Yet, if you’re not a user of such currency, you can always check out this Ladbrokes guide, where more traditional forms of payment can be used. Both casino gaming and sports betting are available at the Ladbrokes site, and this is one of the biggest sites around, especially in the United Kingdom. 

Yet, in most countries around the world, Bitcoin and other cryptocurrencies are not considered as a legal form of tender. Therefore, it won’t be available to use at land-based or online casinos based within their borders. This, along with stringent gambling laws in general, has led to many countries losing out on gambling revenue. The United States of America for example, has lost out on around $110 billion from the lack of crypto payments and gambling regulation. 

That being said, the difference maker in all of this could be the fact that Las Vegas is now starting to accept crypto payments at certain established companies. Of course, regulatory attention to this as far as the US as a whole is concerned is very slow. Black Friday saw a mass of scrutiny directed towards online casinos, poker rooms and more, and so the vast majority of these sites are still recovering their reputation due to it.

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