government's traditional laws can't handle Gambling+cryptos

johhnyUA

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Quote from: fiulpro on November 25, 2021, 04:17:05 AM

What do you think about this particular article??

I think that this is just temporarz problem for government. I near future i think they will be able to control gambling that using cryptocurrency, this is not a big deal. The main way as i see it is to use fiat bridges to pressure on crypto casino owners. And the last one will create needed system by themselve (what happened with Google or Facebook)

maju69

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Quote from: uneng on November 26, 2021, 12:44:23 PM

Regulators pointed out that football index works more like a "stock exchange" than any traditional type of sports gambling. And that is what is difficulting the monitoring by the comission.

Well, if that is the case, why don't they regulate football index like they do regards stocks and assets? I don't know what those gambling platforms would think about this possibility, but regulators can force businesses to change their working model if they impose heavy rules towards platforms operating with the "stock exchange" style, so they will have to go back to the original gambling model that is easier to be monitored and regulated, for their own good.

How can this be called the Stock Exchange? what is a reference for the government to incorporate gambling as one that can fall into that category? while gambling is still gambling involving bookies with all known risks. Maybe just because there is a sport in it? I also once thought that something of the policy blocking the government was that sports gambling made a huge contribution to tax revenue when the casino complied with the tax laws to always comply.

izsara

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Quote from: avikz on November 25, 2021, 12:43:57 PM

Quote from: izsara on November 25, 2021, 11:55:53 AM

Quote from: KTChampions on November 25, 2021, 10:21:51 AM

I would not be very optimistic about the fact that cryptocurrencies can fundamentally change something (at least at this stage of development). It is enough for governments that they control fiat, which means all crypto-to-fiat gateways. This means that, if they wish, they can receive all the data necessary for KYC and taxation.

but even so I don't think it will eliminate the fact that regulations lag far behind technology and technology will always be ahead of the rules they make. and what is happening at this time crypto is included in one form of technological sophistication and they will not be able to pursue it even if accompanied by strict rules and taxes, crypto is still always in front of them and it is very difficult to follow it

Regulations are build around an existing concept. So there's no way that an existing regulatory framework will cover future innovations. It's stupidity to expect it. Regulations are usually made by government bodies and beaurocrats who are not visionaries.

Just take a example of bitcoin itself. Since it is not a traditional asset, many governments are finding it difficult to regulate. So they are debating on what kind of regulatory framework can be designed for it. So we must not expect that every new innovation will sit under the existing regulatory framework.

from this alone I have got an idea that it will be very impossible to do because even if they make all kinds of policies, in the end bitcoin will stand strong in other ways.
on the other hand about bitcoin it is the same and it can't be denied that bitcoin is something that the government really doesn't like because it's not a traditional tool, and the government is not ready for things like this so they make several kinds of arguments and unclear regulations about crypto and bitcoin in hopes of quelling this. but they made a big mistake and just did the wrong thing

Gosgosking

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Government can't do anything concerning crytocurrency, all they try to do always is to make laws that does not make any sense . We are used to Government, they are full threats and crytocurrency will still move on.

uneng

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Regulators pointed out that football index works more like a "stock exchange" than any traditional type of sports gambling. And that is what is difficulting the monitoring by the comission.

Well, if that is the case, why don't they regulate football index like they do regards stocks and assets? I don't know what those gambling platforms would think about this possibility, but regulators can force businesses to change their working model if they impose heavy rules towards platforms operating with the "stock exchange" style, so they will have to go back to the original gambling model that is easier to be monitored and regulated, for their own good.

Rufsilf

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Quote from: fiulpro on November 25, 2021, 04:17:05 AM

The commission cannot monitor the site continuously. Their framework does not allow to do so. How at the end the public is criticizing them about their age old traditional methods to try and control the gambling.

But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.

Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

This scene right here is somehow similar when the US Government filed a lawsuit against Mark Zuckerberg of Facebook because they aren't familiar how facebook works and an alleged unfair methods just like now when cryptocurrencies are getting more and more realistic and technologies are growing rapidly, traditional laws can't keep up with it, and needs reform.
But for now, let's enjoy it while they're still arguing how to bend the system.

Nahl

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yes the governments cannot handle it and so far none of the countries in the world can control crypto or crypto gambling because it almost being an anonymous and crypto technologies also growing rapidly beating old school laws so everytime the countries want to regulate or banning crypto gambling seems they always be one step behind it however what i see in my country that governments actually always work harder to handle crypto but seems they always be failed and crypto still unbeated

AicecreaME

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Quote from: Woodie on November 25, 2021, 02:35:27 PM

As much as most governments want to have everything under their control in the interest of its citizens, I think if they didn't take an interest in them around 2009 to be in the know... its difficult to really catch on now and impose regulatory frameworks on crypto users+gamblers when most of them have gotten used to not having them in the first place. Its pretty much self regulatory now, but they best they could start with is as all crypto service providers to register with them and show citizens the business is a registered and regulated one.

This would be a problem for them especially if the owner of the cryptocurrency gambling site won't show himself to the public and get a license for legal purposes to continue their business. So the only thing that the Government could do to pursue such owner is too put effort on tracking them to expose their identity. But since cryptocurrency gambling sites is no big deal for now in some countries, Government are just ignoring them and solely focuses on physical casinos.

samcrypto

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Quote from: fiulpro on November 25, 2021, 04:17:05 AM

Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

What do you think about this particular article??

The easiest way for the government to regulate crypto gambling is banning it, they can't totally control this and because of the recent news about proposing to ban cryptocurrency in India, we've seen the price starting to decline. I'm pretty sure they are still on studying phase since the government is late to adopt crypto because they didn't believe on this before not until we hit the global market. I believe, time will come that the government can finally have the law protecting their own interest against cryptocurrency, let's just be more prepared for that.

dimonstration

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Quote from: Kakmakr on November 26, 2021, 06:14:47 AM

The problem with these "operators" are that they are continuously pushing the boundaries of the laws and their operating licenses and poking for loopholes in the system. A well known casino recently just changed the definition of their "Raffle" to a "Giveaway" and they could continue under their license. Wink

So the regulators as the watchdog, will have to continuously monitor these sites under their jurisdiction (which they do not do) to make sure that they are operating according to their license and/or applicable laws. Wink

If the government isn’t favored in crypto they will find ways to not allow it’s operation though some governments nowadays are not yet that knowledgeable in crypto that makes them approve every projects or casino as long as they provide normal papers in operating business. There must be a unit or sector which will focus on concerns or reports regarding cryptos and gambling that may occur within businesses registered in the said country.

goaldigger

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Quote from: Cling18 on November 26, 2021, 09:26:34 AM

Quote from: AicecreaME on November 25, 2021, 07:29:49 AM

Government only knows old school, cryptocurrency is entirely out of their league since all they know is how to make laws and how to steal money from people without getting in jail for such actions. Government are having a hard time to regulate gambling sites that are using cryptocurrency and not fiat, it's a new thing to them which they will need a lot of time to think about how to make new laws about it.

If they succeeded on doing so, for sure it will contribute a lot in the economy and hopefully they'll use it in the right way.

No matter how modern or digital the government regulatory would turn into, still, they couldn't control cryptocurrency gambling. They couldn't control crypto gambling, unlike fiat casinos that they could tax easily. I think they're doing everything to regulate crypto in ways that they know but it's honestly beyond their control.

Every government knows already the true potential of cryptocurrency and yes, they can't totally regulate this and this is why China is against in cryptocurrency because they can't live without controlling their own people.

In crypto gambling, there's a lot of ways nowadays to get involve on this kind of activities even if you are living on a restricted country, traditional law can't really work on this platform if government wants to regulate this, they should come up to a new law that will specifically work in the world of cryptocurrency.

Cling18

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Quote from: AicecreaME on November 25, 2021, 07:29:49 AM

Government only knows old school, cryptocurrency is entirely out of their league since all they know is how to make laws and how to steal money from people without getting in jail for such actions. Government are having a hard time to regulate gambling sites that are using cryptocurrency and not fiat, it's a new thing to them which they will need a lot of time to think about how to make new laws about it.

If they succeeded on doing so, for sure it will contribute a lot in the economy and hopefully they'll use it in the right way.

No matter how modern or digital the government regulatory would turn into, still, they couldn't control cryptocurrency gambling. They couldn't control crypto gambling, unlike fiat casinos that they could tax easily. I think they're doing everything to regulate crypto in ways that they know but it's honestly beyond their control.

Kakmakr

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The problem with these "operators" are that they are continuously pushing the boundaries of the laws and their operating licenses and poking for loopholes in the system. A well known casino recently just changed the definition of their "Raffle" to a "Giveaway" and they could continue under their license. Wink

So the regulators as the watchdog, will have to continuously monitor these sites under their jurisdiction (which they do not do) to make sure that they are operating according to their license and/or applicable laws. Wink

KTChampions

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Quote from: Woodie on November 25, 2021, 02:35:27 PM

As much as most governments want to have everything under their control in the interest of its citizens, I think if they didn't take an interest in them around 2009 to be in the know... its difficult to really catch on now and impose regulatory frameworks on crypto users+gamblers when most of them have gotten used to not having them in the first place. Its pretty much self regulatory now, but they best they could start with is as all crypto service providers to register with them and show citizens the business is a registered and regulated one.

For some reason, I have big doubts about the fact that governments defend the interests of citizens Grin

In all social and political formations, the authorities have always tried to solve one problem - the preservation of power. And democratic regimes are no exception.
Regarding regulations, there is only one problem for the authorities (as far as I know), cryptocurrency cannot be recognized as a casino chip reflecting fiat value, because cryptocurrency is not rigidly tied to fiat, unlike chips in real casinos. Therefore, there are problems with taxation of the turnover of these cryptocurrency chips. In all other respects, the authorities already have full control - everything that happens in the fiat part is fully regulated.

michellee

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Quote from: dimonstration on November 25, 2021, 10:22:53 AM

Quote from: michellee on November 25, 2021, 08:21:42 AM

They really need to adapt their regulations or modify them so that they can apply to cryptocurrencies. They do not give attention to cryptocurrencies because they are busy with their problem. So when cryptocurrency boomed in 2017-2018, they just realized that something new was already coming to their country but were not aware of that. They are late to get involved in crypto, but with their resources, I am sure they can adapt without a problem and have regulations related to cryptocurrencies.

Suppose the government wants to regulate the crypto gambling site. In that case, they need to learn crypto before they make new rules for the crypto casino as that will be different from the regular casino they already handle.

This is somehow the downside when everyone in the position were old officials or not into technology. They should know to adopt in technology to improve their service and to apply it better for the benefits of their people. The scamming related in crypto in my country gives bad impact in many that fears them to adopt and buy bitcoin but if the government have their way to control it probably they will be able to get the benefit like allowing business related where they can put taxes and that government can have earnings from it.

I really annoying when those people do not want to learn from the current situation and only say, well, we do not know or it is because of the system or our rule but they never adopt or try to get to know about the thing. They really do not know how it feels when people are at one point that wants a change and those people have a long march to speak for themselves and want a change.

I am sure the government will figure out a way to control or protect people from scams. The government wants more taxes to run their economy to regulate crypto for every business in our country.

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Quote from: AicecreaME on November 25, 2021, 07:29:49 AM

Government only knows old school, cryptocurrency is entirely out of their league since all they know is how to make laws and how to steal money from people without getting in jail for such actions. Government are having a hard time to regulate gambling sites that are using cryptocurrency and not fiat, it's a new thing to them which they will need a lot of time to think about how to make new laws about it.

If they succeeded on doing so, for sure it will contribute a lot in the economy and hopefully they'll use it in the right way.

It's not government only knows "old school" but they are not just taking crypto gambling seriously. It's impossible that they won't do something to catch up with crypto especially building knowledge about it.

But I like it that way. Almost all crypto-gamblers are asking for anonymous gambling in the first place. Let's not wait for the government to now push their goals to regulate crypto in their own way. They are capable of doing that anytime if they will take it seriously.

alegotardo

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In several countries, regulatory laws take a long time to advance in the face of technological developments.
In many cases, a decision ends up being made much more by the interpretation of a judge than by what is actually written in the laws and bureaucracy is the main factor for this.
The second factor is that cryptos are something very recent, and that they were created to be anti-government...

Many countries would even like to be able to regulate and earn taxes on it rather than simply banning it, but for that they would have to first "swallow" Bitcoin.

Mahanton

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Quote from: Oceat on November 25, 2021, 06:25:01 PM

Quote from: AicecreaME on November 25, 2021, 07:29:49 AM

Government only knows old school, cryptocurrency is entirely out of their league since all they know is how to make laws and how to steal money from people without getting in jail for such actions. Government are having a hard time to regulate gambling sites that are using cryptocurrency and not fiat, it's a new thing to them which they will need a lot of time to think about how to make new laws about it.

If they succeeded on doing so, for sure it will contribute a lot in the economy and hopefully they'll use it in the right way.

Is that what you think?

They may look like old school but trust me they have advanced technology than we know they may have a hard time to catch those who used cryptocurrency but technology soon will upgrade and they will always find a way to capture those who used cryptocurrency especially in gambling. But why chase gambling users if it's not illegal to play it, but if it is then that's a different story.

It might looked quiet but you wouldnt know that they have already done something underground which is basically pertaining on this matter and its true that its impossible that government wouldnt have that advance technology which they wouldnt really like to get behind.So lets not presume that they are behind into something.
Government doesnt really like to be behind so expect that they are doing something that we arent aware of as a citizen.

Oceat

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Quote from: AicecreaME on November 25, 2021, 07:29:49 AM

Government only knows old school, cryptocurrency is entirely out of their league since all they know is how to make laws and how to steal money from people without getting in jail for such actions. Government are having a hard time to regulate gambling sites that are using cryptocurrency and not fiat, it's a new thing to them which they will need a lot of time to think about how to make new laws about it.

If they succeeded on doing so, for sure it will contribute a lot in the economy and hopefully they'll use it in the right way.

Is that what you think?

They may look like old school but trust me they have advanced technology than we know they may have a hard time to catch those who used cryptocurrency but technology soon will upgrade and they will always find a way to capture those who used cryptocurrency especially in gambling. But why chase gambling users if it's not illegal to play it, but if it is then that's a different story.

dothebeats

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There are things wherein the regulatory bodies and framework don't really cover, and them existing is just making it hard for the government's legislation body to come up with new laws to cover new tech that aren't covered back then. Countries' legislation needs to adapt with the ever changing technology, and I don't think they can do it that fast considering how the changes are rapidly occurring on all fronts. Laws and regulations will become obsolete, and may not even keep up with the changes over time.

Topic: government's traditional laws can't handle Gambling+cryptos (Read 260 times)