Betting law ignores technology and encourages clandestinity - page 3.

Distinctin

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When they don't have the system to monitor crypto transactions, then they should just easily announce a ban in crypto for online gambling transaction. Indeed, they are against innovation, I think they should learn from other countries, I mean if a country could regulate a crypto exchange, there should be no difference with regulating an online casino with crypto as part of the payment system.

If this information is correct, we can see that Brazil had allowed crypto exchanges to operate, with the following names.
https://www.datawallet.com/crypto/best-crypto-exchanges-brazil

For newcomers to cryptocurrency, our research team has evaluated numerous exchanges and highlighted the five most secure and trusted options for Brazilian users:

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Bybit - Best Cryptocurrency Exchange in Brazil
Gate.io - Most Diverse Cryptocurrency Selection
MEXC - Low-Cost Derivatives Trading Platform
Binance - Recommended for Institutional Investors‍
Mercado Bitcoin - Best Brazilian Crypto Exchange

Hispo

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It is not only something which could be said about the government of Brazil, to be honest, there are a handful of jurisdictions on the planet which are quite closed minded when comes to the use and potential of Bitcoin and cryptocurrency in general. I believe Bolivia does not even recognizes Bitcoin as an asset whatsoever.
The ones who are going to suffer the most are the owners of casinos within the jurisdiction of Brazil and Brazilian gamblers who already had accounts in their favorite casinos, who now need to get used to new platforms and environments they are not used to.

It is weird to see how some administrations around the world do not look beyond the line of the horizon and try to find and equilibrium between adoption and taxation, instead they encourage clandestinity and lose the chance to diversify their economy, moving with the tendency Bitcoin and other cryptocurrencies are causing in other countries on the world.

I expected more wisdom from the administration of Lula, to be honest...

Davidvictorson

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

Once again the Brazilian government is going against innovation and proving to be stupid.

Personally I think that the Brazilian government made these decision without any evidence or data to back it up other than hearsay. It is important that regulatory bodies based their decision making process on empirical evidence. When they do this, it becomes clear for all to weigh the actual risk and benefits of such regulation. However when they make decision of the top of their heads against Bitcoin, I see it as witch-hunting. In addition, they kill any innovation that may have been trying sprout up. And finally, this is the kind of decision that kills the sustainability of the gambling industry.

Eternad

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

The new brazilian law that regulates online betting excludes the use of payments with cryptocurrencies, bank slips, cash or any alternative deposit payment method that could hinder the origin of resources and government fiscal control over the platforms and customers of the casino.

There’s nothing new to this since government wants a business to be regulated properly and you can only do this through the use of fiat currency. Even on my country, Crypto is not accepted on casino to gamble since people still preferred fiat when it comes to local casino because this is what being use most of the time than crypto.

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This could encourage clandestine betting on foreign platforms that accept crypto, outside the reach of national regulation.

Who assume this? Unless Brazil is know for being popular on using crypto on gambling then this is true but most of the casino locally in any country use fiat currency to gamble. This is not a big problem imo when it comes to local casino but their target is local customers.

Slow death

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

The new brazilian law that regulates online betting excludes the use of payments with cryptocurrencies, bank slips, cash or any alternative deposit payment method that could hinder the origin of resources and government fiscal control over the platforms and customers of the casino.

This could encourage clandestine betting on foreign platforms that accept crypto, outside the reach of national regulation.

The rules are exclusive to casino companies operating in Brazil. Therefore, casinos outside this territory will not be affected and Brazilian users who have accounts in these casinos abroad can continue using these platforms, as regulations cannot stop them.

Once again the brazilian government is going against innovation and proving to be stupid.

For more details, access the full article here.

I am not a citizen of Brazil, but I am from a country that also has an official language in Portuguese and every day I follow Brazilian politics, football and news. From what I understand, the ministry supervised by Haddad is clearly telling people that they cannot use casinos abroad, when people use casinos abroad they will not be able to withdraw their money to Brazil and if by chance someone from Brazil creates an account in a casino from abroad, and you want to deposit money in that casino from abroad, you will need to go and buy bitcoin on a website authorized by the Brazilian government, then if that person takes those bitcoins that they bought and places them in the casino that does not have a license issued by the government of Brazil, and If this person won money in this casino abroad and were to withdraw using the website authorized by the Brazilian government, this person would already be committing the crime of tax avoidance as it is called in Brazil.

m2017

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

The new brazilian law that regulates online betting excludes the use of payments with cryptocurrencies, bank slips, cash or any alternative deposit payment method that could hinder the origin of resources and government fiscal control over the platforms and customers of the casino.

I'm not at all surprised by this news. Any government wants to receive taxes and the gambling industry is no exception, therefore, a logical step is to ban all alternative payment methods that do not allow (or complicate) tracking the transactions of gamblers.

This trend will continue in other countries.

Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

This could encourage clandestine betting on foreign platforms that accept crypto, outside the reach of national regulation.

As always happens, a gray market (or black market) arises behind the regulation. The Brazilian government, wanting to regulate this niche, only pushes gamblers to switch to alternative sites outside of their regulation. People always adapt to change.

Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

The rules are exclusive to casino companies operating in Brazil. Therefore, casinos outside this territory will not be affected and Brazilian users who have accounts in these casinos abroad can continue using these platforms, as regulations cannot stop them.

This is just the beginning.

Difficulties will begin when regulation begins beyond the territories of Brazil. How will gamblers play on casino sites (outside the country), which will also be regulated?

Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

Once again the brazilian government is going against innovation and proving to be stupid.

For more details, access the full article here.

This is not stupidity, but greed. They need taxes.

iv4n

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

This could encourage clandestine betting on foreign platforms that accept crypto, outside the reach of national regulation.

Such laws encourage people to turn to alternatives, but luckily crypto is for all... so probably many people in Brazil will turn to crypto gambling, I guess it's good news for all crypto casinos. Actions like this actually make the crypto world grow even faster, people wish things to be simple and open for them, and people wish some privacy and freedom to decide how to spend money and where.

I think we've always known that some countries will be open to crypto while others will pretend that crypto doesn't exist at all.

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Quote from: Maus0728 on June 16, 2024, 02:38:08 AM

Not just encourage but will definitely happen, think of it like this, the more you tighten your grip on something that you want to control then the more that they want to resist which in this context would pave way for off shore betting so as to prevent surveillance or the regulation from reaching those people. This will also make the illegal elements much more creative on how they're going to use that regulation in their favor if evasion of the regulation isn't possible. As always, just another problem regulation that's made without any knowledge from the people that would care about it the most.

I do not see this as an issue for as as long as they are making the Brazilians to use foreign gambling sites. But regulators can do something like illiterates at times and this is another example of it. If a gambling site follow the KYC law and other laws like that, why not allow cryptocurrencies for deposit and withdrawal. The OP is just right about this. Their citizens that gamble with cryptocurrencies will prefer to gamble using foreign gambling sites.

Maus0728

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Not just encourage but will definitely happen, think of it like this, the more you tighten your grip on something that you want to control then the more that they want to resist which in this context would pave way for off shore betting so as to prevent surveillance or the regulation from reaching those people. This will also make the illegal elements much more creative on how they're going to use that regulation in their favor if evasion of the regulation isn't possible. As always, just another problem regulation that's made without any knowledge from the people that would care about it the most.

Oshosondy

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

The rules are exclusive to casino companies operating in Brazil. Therefore, casinos outside this territory will not be affected and Brazilian users who have accounts in these casinos abroad can continue using these platforms, as regulations cannot stop them.

I am not that concerned because Brazilians that are using bitcoin or any other cryptocurrencies for gambling can easily make use of foreign gambling sites to gamble. There are many trustworthy foreign gambling sites that make use of crypto for payment. I noticed in my country that local gambling sites are very transparent in a way that can not let us have privacy and they are not supporting cryptocurrencies.

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For a change, a law that looks more like a botched job made by politicians who do not understand what they are regulating. We know enough about that in Europe. I bet they will come up with another regulation in a few years, when they realise how much they are missing with users playing on cryptocurrency platforms.

You can't put doors on an open field.

satscraper

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Quote from: alani123 on June 15, 2024, 04:57:35 PM

Most countries don't bother to regulate crypto casinos at all. They just ban them outright by blocking then. But it is very easy to circumvent these blocks and eventually most people that were going to avoid the blocks do it anyway. And it's impossible to give consequences to hundreds of thousands of people for something as trivial. At least it would be very tyrannical to try.

But I am sure Brazil has better issues to focus resources on. So I am not surprised. Most countries treat gambling the same. And interestingly the crowd of people that don't even know how to change DNS also are the majority so this regulation works.

In any country casinos, no matter physical or online ones, operate under state approval and endowed with some rights commonly limited ones. Those rights are always depend on politics, economics, gambling social impact, etc.. relevant to specific country. I found interesting material that analyzes "global spectrum of gambling regulation".. It seems that Brazil has beaten both Singapore and Norway in this respect. Roll Eyes

retreat

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But isn't that to protect national economic interests? because a country has the right to protect their interests and prohibit anything other than their currency from being used in various industries, and especially in the gambling industry, so there is nothing too problematic about their decision. Moreover, such regulations do not really affect online casinos, since they only limit casinos operating in their territory, while the majority of casinos are based in Curaçao or other countries outside Brazil and Brazilians are still free to use online casinos that support crypto.

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Quote from: ethereumhunter on June 16, 2024, 12:49:10 AM

Those people will not playing gambling on casino companies operating in Brazil. They will prefer to search for the other casino that is out of Brazil jurisdiction because they don't wants to gets a problem. They can use many ways to playing gambling on other platforms, including they can use VPN to visit on the casino out of their country.

They may use crypto to change their fiat to place a bet or playing gambling. People who often playing gambling on online casino will search for other ways to keeps playing gambling and they will gambling by secretly so their government can't track their gambling activity.

Well, it's true that if there's a will, there's a way. As long as people who want to gamble want to gamble, they will find other ways to do so; they could even go against the government, and for sure they can't be stopped. And you are right, there are many ways to access different casino sites outside of the country you are in, and one of the examples is the usage of VPN. But of course, do mind that before doing that, you need to know if the casino site you will access accepts the usage of VPN because there might be a problem if you encounter a casino site that prohibits that, and for sure your account will be locked or banned right away. So make sure to know the rules and regulations of a certain casino site first before getting into it, because some sites may even implement a strict rule about foreign rules.

ethereumhunter

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Those people will not playing gambling on casino companies operating in Brazil. They will prefer to search for the other casino that is out of Brazil jurisdiction because they don't wants to gets a problem. They can use many ways to playing gambling on other platforms, including they can use VPN to visit on the casino out of their country.

They may use crypto to change their fiat to place a bet or playing gambling. People who often playing gambling on online casino will search for other ways to keeps playing gambling and they will gambling by secretly so their government can't track their gambling activity.

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Quote from: teamsherry on June 15, 2024, 05:04:23 PM

You have to also understand that lots of fraud go through casino and its not a wrong idea for them to regulate it a little, I believe they must be a reason behind this new rule that they brought out l, it can't totally be to stop crypto casinos from excelling in the country, who knows it might be task related.

That's what I am also thinking. Is it being stupid or there's a deeper reason why Brazil is trying to regulate gambling?

I didn't see anything after pressing the link OP has provided so I have to look at it myself. I am not sure though if this is what OP is talking about.
https://next.io/news/brazil-issues-online-gambling-technical-regulations/
Brazil has issued new technical regulations and requirements for gambling operators looking to launch in its upcoming regulated market.

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The Brazilian Ministry of Finance’s Prizes and Bets Secretariat (SPA) published Ordinance SPA/MF No. 722 in the country’s official gazette yesterday (6 May).
The ordinance details technical and security requirements for betting systems and online gambling platforms ahead of the legal market’s launch.

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The ministry highlighted that all prospective online gaming operators will need to follow the new rules as a condition of their licence.

Included in the regulations is a requirement for operators to maintain their betting systems and data centres within Brazilian territory.

I think they are just trying to tighten things up in the gambling sector and maybe they just don't want anyone getting away from the legality of their business.
There's a lot of money in the gambling industry and maybe they are focusing on taking advantage of all that tax money so that they can improve more.
It is said that they also increased the tax percentage but I doubt that will hurt a gambling platform because of how big the industry is now.

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Quote from: alani123 on June 15, 2024, 04:57:35 PM

Most countries don't bother to regulate crypto casinos at all.

Probably all countries. As crypto casinis still fall on the countries' casino regulations/laws. That's why we see casino casinos accepting different kind of deposit/withdrawal method, those who are crypto only casino are unique and sometimes doesn't have any license/unregulated.

The decision of Brazilian government is something a controlling government will do, well, since this is their first online gambling law from being banned for how many years, it could be a first step for them but probably won't be the last as someone will revised it for sure.

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Quote from: Forsyth Jones on June 15, 2024, 04:51:27 PM

The rules are exclusive to casino companies operating in Brazil. Therefore, casinos outside this territory will not be affected and Brazilian users who have accounts in these casinos abroad can continue using these platforms, as regulations cannot stop them.

With those regulations Brazilian users will get on a blacklist, in the same way as we see countries banned like Russia, Corea, or even USA.

But i agree with OP, this is totally retrograde move from the Brazilian gov, is fun how they are creating new laws and ignoring the technology, that's a dumb move because at some point they will have to create new laws and rules for online gambling with cryptos.

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Quote from: nelson4lov on June 15, 2024, 05:48:08 PM

Well, If Brazil regulators have chosen to go backwards towards to the stone age, then by all means, we should let them. In the world today where crypto payments are the new norm even for country-centric casinos, they're taking the backwards path. I don't think this is not going to take a lot of time before they make a U-turn when many of their citizens evade the rules and play at crypto casinos. This is as expected because crypto is being preferred to national currencies now and governments are just doing their bids to stop it.

It's similar to how the centra bank of my country is edging towards the narrative that crypto is net negative because most citizens no longer care about the National currency and I do think it's win.

I highly believe that sooner or later, their government will change stance on this matter. Once they uncovered that their people found a way how to deal with online casinos using their crypto and other means, they probably launch new protocols on this area. Would be hard to ignore technological developments because we are living into this digital age era.

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Well, If Brazil regulators have chosen to go backwards towards to the stone age, then by all means, we should let them. In the world today where crypto payments are the new norm even for country-centric casinos, they're taking the backwards path. I don't think this is not going to take a lot of time before they make a U-turn when many of their citizens evade the rules and play at crypto casinos. This is as expected because crypto is being preferred to national currencies now and governments are just doing their bids to stop it.

It's similar to how the centra bank of my country is edging towards the narrative that crypto is net negative because most citizens no longer care about the National currency and I do think it's win.

Topic: Betting law ignores technology and encourages clandestinity - page 3. (Read 561 times)