Why they need a license if bitcon is not money? - page 17.

Rruchi man

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Quote from: Fivestar4everMVP on January 19, 2024, 02:07:54 AM

Well, I am not against casinos obtaining a license to operate, but what I have always wanted to know for sure is what does the licence do exactly?
Many a times, I see some gamblers advising other gamblers against playing on casino without licence, as such casinos may likely be a scam in pending, but still on several occasions, we have witnessed casinos with license shut down and ran away with money belonging to their users, and the issuer of their license did nothing to make sure that users get their hard earned money back, what then is the use or benefit of a licenced casino to gamblers.

Just as Poker Player mentioned that it is just for appearances, A license is only serious when you do not obtain it as a casino and then decide to just start operating, the government will take you that you are trying to be involved in illegal money laundering activity, or other scams, and then move to checkmate you, if not at the start of your business, maybe sometime later.

Quote from: Fivestar4everMVP on January 19, 2024, 02:07:54 AM

Some say that when a player have issues with a casino, he or she could report to the issuer of their license for such casino to be properly sanctions, but never for once have I ever heard or seen that a license issuer sanctioned a casino for their misconduct towards a gambler or gamblers,

I also imagine that the licenses are a way for the government to get some revenue from these casinos, so after issuance, they are more concerned about the next casino that will come to obtain the license, not you who has obtained it already. So they do not concern themselves with misconducts from these casinos even when they are reported.

Quote from: Fivestar4everMVP on January 19, 2024, 02:07:54 AM

what exactly is the benefit of licensed casinos to gamblers?

Playing in a licensed casino give more assurance to a gambler that they are playing in a casino that is closer to being credible than not credible. Because a casino that wants to operate without a license will never attract some category of gamblers.

Pandu Geddon

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it doesn't matter whether Bitcoin is considered money or not in relation to the License applied to the crypto casino. This is more about the fear of misuse of crypto casinos for money laundering which will harm the government. not to mention the huge taxes imposed on the gambling industry. the government must not miss it all.
in short, Bitcoin can be exchanged for money. That's why everything related to Bitcoin and crypto will be of concern to governments and tax authorities. This doesn't only happen at crypto casinos, you can see how crypto exchanges are also closely monitored.

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Quote from: seoincorporation on January 18, 2024, 10:01:29 PM

It's fun guys, govs hardly avoid accepting Bitcoin is money, but when it comes to gambling then users are risking money, so, casinos need a license.

Let's be honest, If you can deposit, wager, and withdraw. I don't see where the license is in the process...

Just want to say Fuck Curaçao, the island in the middle of nowhere who decide to take the crypto gambling industry in their hands and make billions of dollars with it. Who the fuck they are to wash money this way?

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else. And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

Any government that demand for licenses from Casinos before they they can carryout crypto gambling has approved Cryptocurrency already, you know the government can be proud Grin

they just love control. Again, let us look at this way. We all know that the decentralized feature of cryptocurrency does not allow the government to see what their citizens are up to. And we will not deny the fact that lots of casinos and gamblers can hide under crypto gambling to carry out some financial crimes which might be difficult to trace the criminals involved. And as it relates to taxation, the government would really want to be interested. A license is only an agreement between the casino and the government to operate on a fair term

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Ok, first of all... Bitcoin is money. Why would casinos accept it, if it was not money? How would they pay for their operating expenses, if Bitcoin was not money? Roll Eyes

The Licensing authorities might not be as affective as most people would have wanted, but they do serve a purpose. Can you imagine what casinos would have gotten away with, if there were zero oversight over their activities?

Some of these casinos would not even have been able to open it's virtual doors for business, if it was not for these licensing authorities. (Example : Australia does not allow online gambling, but Eddie (Australian) operates Stake.com which is one of the most succesful online crypto casinos out there.)

CODE200

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It's because you can trade that bitcoin for money and the tax man don't like the idea that they're being treated like a sucker and someone's being a wiseass when it comes to the taxes. The point of the license in my opinion is to make sure that you're under their watch and that you're paying them with taxes because gambling is the most profitable business of all, your capital in a sense will just sit there until someone wins big and the chances of someone winning is close to zero so you're basically 90% profit if you're a gambling casino operating on corrupted politician filled countries or a heaping 70% if in those countries that have fewer corrupted politicians.

Fivestar4everMVP

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Well, I am not against casinos obtaining a license to operate, but what I have always wanted to know for sure is what does the licence do exactly?
Many a times, I see some gamblers advising other gamblers against playing on casino without licence, as such casinos may likely be a scam in pending, but still on several occasions, we have witnessed casinos with license shut down and ran away with money belonging to their users, and the issuer of their license did nothing to make sure that users get their hard earned money back, what then is the use or benefit of a licenced casino to gamblers.

Some say that when a player have issues with a casino, he or she could report to the issuer of their license for such casino to be properly sanctions, but never for once have I ever heard or seen that a license issuer sanctioned a casino for their misconduct towards a gambler or gamblers, again, I asked, what exactly is the benefit of licensed casinos to gamblers?

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Quote from: seoincorporation on January 18, 2024, 10:01:29 PM

It's fun guys, govs hardly avoid accepting Bitcoin is money, but when it comes to gambling then users are risking money, so, casinos need a license.

Let's be honest, If you can deposit, wager, and withdraw. I don't see where the license is in the process...

Just want to say Fuck Curaçao, the island in the middle of nowhere who decide to take the crypto gambling industry in their hands and make billions of dollars with it. Who the fuck they are to wash money this way?

The frustration creeps in gamblers when they see all these KYC mandatory requirements required for gambling and withdrawing money.
The regulators will feel themselves having no value if the gamblers can deposit, wager and withdraw without having the KYC or the license hurdles.
Curaçao is too much involved in the gambling industry and if casinos do not obtain thier licenses, sometimes their existence or creditability becomes questionable (when it should not be).

Quote from: seoincorporation on January 18, 2024, 10:01:29 PM

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else. And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

Let's be honest, we need non-KYC truly decentralized services not only from the gambling sites but also on the trading platform and anywhere where bitcoin is used as a payment method. But as long as the governments are there, they won't let this happen on the mass level. Yes, most of the will not let you gamble with the KYC, whether it is because of the license requirement, or they want themselves to keep the check and balance.

bitbollo

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"bitcoin is money or not" there is a specific classification that changes from country to country.
OP you should keep in mind that the majority of compliance arise from requests to complete KYC procedures.
I don't see casinos that have this type of license in a negative way.
There are systems that "by default" cannot be regulated or managed... I would suggest focusing on these if you don't accept this step through a centralized entity.

Poker Player

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I think it's a matter of appearances, not whether Bitcoin is money or not. So they have a legal facade despite doing dubious things. There are casinos that have KYC limits in their ToS to which they turn a blind eye, especially while you are still losing, or that have a list of countries from which you cannot play but if you access the casino from those countries without VPN they also turn a blind eye, especially while you are losing.

A Curacao license is not a very prestigious thing either.

Nwada001

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Many governments were all against bitcoin from the start, but we can all see that the story is gradually changing. They are right now either seeing bitcoin in a good way or in a bad way, like some see bitcoin as a means for criminals to launder money, while others are already seeing it as an asset, whatever that means. We can't deny the fact that for bitcoin to fall under any of these categories, it has already been seen as a currency (money).

Which makes it now a legal currency in most countries, which means it could be used to go into a legal agreement that will be bind by law, so unless the casino is not ready to operate under any government and serve the citizens of a particular country, then they will need some licence to operate.

For the main time, if you are starting small as a casino, you might not all need those licences and approvals as there might be little eyes on you, but after that, if you want your business to go far, you need to operate based on the laws that govern owning a casino.

famososMuertos

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Many casinos started with it as the flag, but there are more that are already on the Caribbean island (or any other tax haven) than those that aren't, in addition to what you mentioned, SWC.

However, casinos that follow KYC rules can still use crypto bets and make deposits. They can also use different Alts and make bet sizes up to 8 decimal places.

On the specific point of why some yes and others no, it is government legislation, AML and the laws that govern internationally on money laundering, anyone who does not adhere to those rules can simply incur some of those crimes at some point.

seoincorporation

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It's fun guys, govs hardly avoid accepting Bitcoin is money, but when it comes to gambling then users are risking money, so, casinos need a license.

Let's be honest, If you can deposit, wager, and withdraw. I don't see where the license is in the process...

Just want to say Fuck Curaçao, the island in the middle of nowhere who decide to take the crypto gambling industry in their hands and make billions of dollars with it. Who the fuck they are to wash money this way?

Crypto gambling needs freedom, and i insist in this point. If you can Deposit, Wager and Widrawal, then you don't need anything else. And a big shout out to those casinos who still working until now without a license, freebitco.in, Just-Dice.com, bustabit.com... They are big examples of how crypto gambling should be.

Topic: Why they need a license if bitcon is not money? - page 17. (Read 3051 times)