As the acceptance and popularity of crypto transactions continue to rise around the globe, any online gambling website that wants to stay afloat should be able to provide its users with the option to place and withdraw funds in crypto rather than only legal tenders like USD and EUR. A crypto gaming license must be acquired for this reason. The main questions you should take into account when integrating crypto features into an iGaming business are covered in this article.
Crypto coins are particularly appealing for iGaming because they have some distinctive advantages. They are particularly well suited to e-transactions because they were created from the ground up as digital currency. You now have a medium that is ideal for online gaming, especially when you consider the complete security that encryption and secrecy bring.
The biggest benefit of using crypto for transactions into and out of the games of chance is that they completely protect players’ privacy. In contrast to fiat currency that can be tracked through verifiable bank payments, winnings cannot be taxed in the same manner. Additional advantages include:
Operating an online casino that supports crypto transactions boosts your appeal globally, reaching not only areas where gambling is already completely legal but also nations and governments where it is prohibited or restricted. Because authorities have no method to track cryptocurrency movement or determine ownership, here is where crypto really shines.
There are two types of countries when it comes to crypto gaming. First, there are those who have established a legal mechanism to support and advance the sector and those that haven’t. There is some gray area here because some operators opt to operate in countries without the requisite legal structures. It may cause problems with 3rd parties, advertising, software providers, banks, as well as possible problems with the law.
Working exclusively in respectable jurisdictions with a sufficient framework in place to govern and manage the business is something we advise. By doing this, you can increase your credibility and follow the law. The top four jurisdictions for cryptocurrency and gambling are:
A top hub for iGaming startups. It has been in the iGaming industry since the middle of the 1990s and provides one of the most affordable, rapid, and straightforward licensing procedures available. They also accept transactions in a variety of crypto coins and virtual currency, and those holding a gaming license are allowed to do so.
For those who choose a Curacao for their iGaming business, benefits include 0% tax and VAT, quick and simple authorization, and a straightforward setup process with less red tape and bureaucracy.
We frequently suggest Curacao as the ideal center for emerging crypto gambling businesses. The cheap costs of the domestic process allow them to validate their idea and establish the company’s viability before applying for a license in another country.
The Kahnawake internet gaming license has a good standing. The Gaming Commission is renowned for having zero tolerance for any type of criminal behavior, including underage gambling. Additionally, they are open to working with online casinos that want to accept bitcoin payments.
More than Curacao, but substantially less than Malta, is required for setup, and recurring expenses are also reasonable. Everything can be completed in a short amount of time, perhaps a few months. Compared to Curacao, there is more paperwork to complete, but less than in Malta or other crypto-friendly countries. There is more liquidity available for future business expansion for those who obtain a Kahnawake crypto gaming license thanks to Kahnawake’s 0% tax rates.
The Maltese authorities have recently taken action to introduce crypto to the market. They established a thorough legislative framework for cryptocurrencies, blockchain technology, and virtual assets, becoming the first nation in the world to do so. Malta, sometimes known as “The Blockchain Island,” is the location of various gaming companies that accept payments in different cryptocurrencies, crypto exchanges, and blockchain startups.
The Malta Gaming Authority is unquestionably the most renowned organization in the world, and the license is very expensive. However, it is a good alternative for people with the means to invest or well-established iGaming businesses. Operating a crypto gaming firm in Malta has several advantages because the Maltese government is quite “pro-business” in its outlook. These include access to a highly-skilled, English-speaking workforce and some of the lowest effective business tax rates in the EU.
Costa Rica, in Central America, does not grant iGaming crypto licenses. Companies with an online cryptocurrency gambling goal are permitted to establish, and they are then permitted to operate out of Costa Rica. The Costa Rican government is strongly pro-crypto and encourages the expansion and advancement of the sector. Once more, they adopt a more hands-off strategy, which is excellent for businesses that are just getting off the ground.
Creating a crypto gaming firm in Costa Rica is not without its difficulties. There might be issues. If all you want to do is transact in cryptocurrencies, it’s likely that you won’t be able to get a traditional bank account. We advise starting your platform in Costa Rica, resolving any obstacles, developing your product, and then applying for licence somewhere else.
We suggest that you think about incorporating cryptocurrencies into your product if you’re considering seeking an offshore betting license. We can help you get your crypto gaming license, incorporate and set up all appropriate corporate structures, and make it possible for users to pay with cryptocurrencies on your website. Interested? Please, reach us for a consultation.
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