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.

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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.

Would really be always a cat and mouse kind of chase because we know that technology does improve out which means they could anytime enhance or upgrade which you couldnt say that they would remain old school for a long time and they arent that dumb on not to make those inappropriate actions but well it will vary on the budget because not all government are really financially capabled on making things
improved.

rhomelmabini

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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??

Doubt if they can cope with it this time but I think what they can do was only mitigation processes and warnings as stated in the article. I wonder how traditional laws will stay like this but it seems the government should have a tremendous change as well in the leadership before we can say they will be able to adapt of this ever changing novel products in gambling, the only question is when will that happen. Leaders who knows the in and outs of crypto and gambling.

Woodie

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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.

romero121

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Things have changed alot and now it has gone beyond the hands. Governments were having control over everything and now this isn't possible anymore. To this point they'll keep on discussing to create laws and force people follow it. Similar things happen quite often, but people who have used to it will continue through some way. Governments have fear and in today's news read about Indian government making statement on banning private cryptocurrencies as they can't be traced and gives complete anonymity to the users. This is an example why governments push themselves hard for regulatory framework.

mindrust

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The gene is out of the bottle now. They cannot do about any of it anymore. They may bring laws and try to punish people that use certain crypto currencies but they will never be able to stop people 100%. Maybe it is best to ignore the situation and let the chips fall where they may. Maybe there isn't really a problem that is waiting to get solved by the governments this time...

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Quote from: fiulpro on November 25, 2021, 11:49:11 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.

They already receive all the data from cryptocurrencies as well. The moment you add your details anywhere, the moment you convert it into fiat and vice versa, you are already giving them opportunity to track you down..even some of the gambling sites now are lacking privacy, whole idea behind cryptos was financial freedom, but I do think this is not only scaring governmental authorities but it's also helping other areas as well. At least now the government is realizing that they need to change something. Putting heavy taxes and earning from them is not the way to regulate, it's a way of earning through them. For regulations and to make sure these things are systematically integrated, you do need to see beyond profits, which undoubtedly is very hard for them, for example in UK the government had tons of probelms regarding the government officials accepting bribe from the gambling companies.

I think freedom is just about not being under the control of officials who can impose any crazy taxes and will force you to pay them. Therefore, on this point, I disagree with you. Cryptocurrencies were a big step forward, but for many years this step has been gradually being made back and the entire cryptocurrency sphere is just being incorporated into the fiat world.

Fortify

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

I found this article online:
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators

In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.

Quote

The ability to sell bets/shares between users was something the company put in place immediately, but it did so without any permission. This is a feature that sits outside gambling regulation and is something the Commission would be likely to refuse and had done so before,” remarked Rhodes.

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.

What do you think about this particular article??

I think such sites need to be very careful with how they operate, because we see governments around the world are very capable of controlling or restricting access to certain sites around the world and such sites are not as untouchable as the article might suggest. However, most governments do not care that much if their citizens pour their cash into these type of gambling sites - sure they'll try to take a cut where they can impose it within their borders, but the only time they're usually interested in many jurisidictions is being able to tax large winning amounts. The football index you describe is a "novel" form of betting, which is akin to trading cards or NFT's but is not really a new idea, people have just found a new way to market an old product under the guise of being crypto related. It most definitely can be judged under existing securities or currency laws in most countries.

Sterbens

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Until then the government will have a hard time controlling crypto gambling, unless they shake hands with casinos and take their share just to make it official that it is allowed as long as the casino tax against the government comes in every year. That is if the two of them synergize with each other. There is nothing wrong if their income can be supported and can be protected under government policies that officially grant freedom to operate in its territory as illegal crypto gambling.

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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.

izsara

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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

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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.

They already receive all the data from cryptocurrencies as well. The moment you add your details anywhere, the moment you convert it into fiat and vice versa, you are already giving them opportunity to track you down..even some of the gambling sites now are lacking privacy, whole idea behind cryptos was financial freedom, but I do think this is not only scaring governmental authorities but it's also helping other areas as well. At least now the government is realizing that they need to change something. Putting heavy taxes and earning from them is not the way to regulate, it's a way of earning through them. For regulations and to make sure these things are systematically integrated, you do need to see beyond profits, which undoubtedly is very hard for them, for example in UK the government had tons of probelms regarding the government officials accepting bribe from the gambling companies.

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

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.

What do you think about this particular article??

Regulators are always behind the new technologies as at first they need to watch the effects of something before they decide what to do about it, so just by nature they are always behind the times, however when we think about the fact that cryptocurrencies are specifically designed to resist their censorship then they are at a complete loss about what to do about it.

After all whatever they do they lose, if they leave the market unregulated then they lose by default, but if they try to regulate it then most likely they will fail and will look incompetent, just like what is happening to those regulators that do not know how to deal with this.

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Quote from: qwertyup23 on November 25, 2021, 10:58:12 AM

Quote from: paxmao on November 25, 2021, 05:33:10 AM

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

I somehow understand regarding implementing laws to prohibit cryptocurrencies, in general.

Due to its immense potential to a country, it would be relatively difficult to find that balance where you regulate gambling + cryptocurrencies and its effects on the society. Like what you also mentioned, cryptocurrencies were created primarily against any control from the government. The fact that only a handful of legislations were implemented speak about the status of cryptocurrencies in general!

The thing with crypto is that it is fairly young so obviously, it will be difficult for governments to really implement a regulatory framework around it. And as much as they try, it will be hard as we all know that there are no central authorities and everyone is free to used a gambling platform as long as you are 18 years old and above (although there are cases that as young as 10 can play because it's hard to control and it's really up to the parents and guardians to look after their kids). For me there should be some middle ground, for crypto sports bookies and government, but not sure how it is going to be implemented.

qwertyup23

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Quote from: paxmao on November 25, 2021, 05:33:10 AM

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

I somehow understand regarding implementing laws to prohibit cryptocurrencies, in general.

Due to its immense potential to a country, it would be relatively difficult to find that balance where you regulate gambling + cryptocurrencies and its effects on the society. Like what you also mentioned, cryptocurrencies were created primarily against any control from the government. The fact that only a handful of legislations were implemented speak about the status of cryptocurrencies in general!

dimonstration

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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.

KTChampions

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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.

Wexnident

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

But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

Perfectly describes what most countries are doing with regards to crypto in general, heck even gambling imo. I can't blame them though, crypto suddenly just slammed to them like a few years ago, no one really expected much (from their side) when cryptos originally came out a decade ago. The government needs to regulate cryptos in general first before actually making specific regulations for crypto gambling, especially since they themselves don't even know where to put, in this case, sorare, be.

Lucasgabd

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Quote from: paxmao on November 25, 2021, 05:33:10 AM

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

yes, Snowden says that technology will always be 2 to 3 generations ahead of regulations
once they figure it out completely there'll be new technology and possibilities going on that they'll have to catch up

maybe one day this will change, but I don't think so

michellee

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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.

AicecreaME

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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.

madnessteat

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In many states that have adopted cryptocurrencies over time will create a regulatory framework and regulators will be forced to create special departments specializing in cryptocurrency analysis. In my opinion, it is a matter of time because technology always develops faster than legislative and regulatory institutions can react to it.

paxmao

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The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

fiulpro

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I found this article online:
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators

In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.

Quote

The ability to sell bets/shares between users was something the company put in place immediately, but it did so without any permission. This is a feature that sits outside gambling regulation and is something the Commission would be likely to refuse and had done so before,” remarked Rhodes.

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.

What do you think about this particular article??

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