Topic: Why they need a license if bitcon is not money? - page 19. (Read 4557 times)

If casinos getting a license was all about legality, that is, to prove to their users that they are legally backed and have zero chances of scamming, then I would say that the licensing body have failed woefully in their duty, judging from the number of incidents and times we have seen some casinos that appeared to be legal due to their license, abscond with money belonging to their customers.

Personally, what I did say is that, licenses this days looks more like formality, that is, they make casinos appear more formal and professional business wise.
And like you said, maybe it also have something to do with casinos paying taxes and other governmental renumeration, for I believe that a casino without a licence may likely not be a tax paying casino.

In that case, the licensing authority should be globally recognized and has a value as most of the online casinos are accessed globally and it is not that easy to file a case on any casino, if you are not physically present in that country. Most gamblers even do not know about gambling licensing companies and how to access them in case of any dispute with the gambling site.


Well, again this knowledge needs to be spread among the gamblers as to how they can seek help from these licensed companies who have authorized the casino to provide gambling services.
By the way, some casinos may say they have the license when they do not have it. We should also know how to verify if the site has the verified license or not. 

Why casinos have license even though bitcoin is not money? Because the casinos pay taxes, have employees that work legally. Imho these are two main reasons why there is a license. There might be a possibility, that license is only needed for reputation, for casino to show users they are not going to scam.

I agree; by getting a license, we can make sure the casino runs in accordance with the rules set forth by authorities in charge of regulations. For this reason, regardless of the kind of money involved, many licensing agencies would mandate that casinos employ AML and KYC procedures. Since the goal of this move is to stop illegal acts like money laundering, financing of terrorism, and, of course, fraud, I believe it is a wonderful idea. I believed that since bitcoin is a kind of money, casinos that used it as payment had to abide by certain rules. Given that taxes have become common in our society, it stands to reason that casinos that accept bitcoin will eventually have to pay taxes. and a license requires a thorough financial examination to make sure the casino has the money to run and pay out wins. Well, I think, this improves financial transparency and aids in transaction monitoring.
 
Additionally, a license would, in my opinion, provide a casino with a sense of legality and credibility, both of which are crucial for drawing in customers. In my opinion, it gives players more confidence, even if they have doubts about the safety and impartiality of transactions using cryptocurrency.

There was a time when Bitcoin was outright ignored by the government but with the change of time their attitude towards Bitcoin has also changed. It is now very easy to compare Bitcoin to money today. Things that can be done with money can also be done with Bitcoin. This fact is now known to the whole world. But even after knowing, they will have hostile behaviour. They will never admit that Bitcoin is money. Institutionally they will always oppose Bitcoin. However, their behaviour does not stop the expansion of Bitcoin. If they don't accept Bitcoin as money, why do they need license? Some governments want to work against the purpose that cryptocurrencies were created for. Their efforts to centralise the decentralised system are not feasible. But they are trying to do that.

Acceptance of Bitcoin or not, the government is still saddled with the responsibility to keep a sane environment, not that illicit financial flows will be moving up and down in the name of Bitcoin and cryptocurrency and they will not be able to do anything about it. Only that people do not want to accept the fact, and they want a world of no regulation and control. But are they thinking about the bad effects of that as well? A lot of victims of illicit flows are out there, who knows the next victim of terrorism and trafficking? We should not be selfish but even pray for more regulations as the decentralization of Bitcoin and other cryptocurrencies is making it easier to move illicit money, easier than fiat. Although I know before now, yet recently, all the movies I watched that involved illicit flows, it was all about Bitcoin transfer means, just because of the easiness. So it can't be comfortable for the government to fold their arms, and it will be very reasonable to make the company dealing with Bitcoin and other cryptos in their domains to at least be accountable for their transactions and I see nothing wrong about this.

Registration, licencing and regulation are important and I will always support it. We should even thank the countries' governments that are still allowing cryptocurrency in their domain, if they don't, there is nothing anyone can do. Also, for the reason why some countries ban cryptocurrency, well, it is obvious and it is to encourage illicit financial flows since the government cannot oversee it. Even the illicit flows will be meant for so many illegal activities that could be so devastating to the country. But some governments are only protecting their economy, crypto is also a devil in disguise as your country's money might not be recorded for the country but stay in crypto (cross-border payments), how can it add FX to your nation even if it is gotten from another country? The government will never know of such a transaction unless you call their attention to it. Nevertheless, the government that banned crypto went too far, they should have regulated it just like the US and the Western nations are doing. This would have served the same purpose or almost the same purpose as the banning but with the government gaining more from it. This is even as the supposed banning is not always effective as people use other means to move cryptos behind the back of the government.

This is funny - no offense.

You are not going for a freaking Curacao license because your government requires you to do so when you are running a crypto gambling operation - a crypto gambling operation is illegal pretty much anywhere in the world, in the first place. Your government would not allow you to offer gambling if/when you are not licensed in the US, EU, or anywhere - based on your location. Let`s take Germany for example - there are very few German licenses given and if you aren`t holding any of these, your gambling operation is illegal - it`s as simple as that. The reason for that is that you would not be granted a German gambling license for a crypto gambling business.

I have stated this before: There are dozens of unlicensed operators being sued in Germany and forced to refund €€€€ to players whose money they took without holding a valid license.

I accept, Bitcoin is indeed money, I haven't seen where every thing that's not crypto is been accepted in a casino before, you can't use diamond or gold because they are precious stones kinda but bItcoin is digital and yes it fits to be money than anything except fiat itself.

Casinos having licenses do serve it's purpose and it has nothing to do with what currencies the casinos choose to accept or not, I believe this is not the part of the license they are trying to acquire, it does not concern the license office, casinos are the ones to say a yes or no to a currency.

Bitcoin is digital money and this have been the same in the past years, we made it this far and today the ETF is even approved, it means we can use crypto to pay for what we want if the sellers are willing to accept them as payment option, this is non of the authorities business.

The ideas from different people stating that Bitcoin is not a real money is one of the things that made op skeptical of the situation.
We all have our own interests and what we so much care about. Bitcoin had been serving as a digital money for a very long time and we need to know what we are doing so that we don't allow people to brainwash us on some certain things that are not true.
Bitcoin is digital money that's why we had been seeing the big people going for it and wants to control it.

You are right, Bitcoin is money and of course it is very valuable and it is only digital asset but from its high value it is clear that it will really need license for all companies that use it.
Every country that has legality regarding crypto will definitely emphasize the obligation to have official permits or licenses which are useful for protecting all users from experiencing bad things such as scams, the government and also certain authorities will emphasize security for all users.
Gambling platforms or trading exchanges must have an official license, although this does not guarantee it, at least there is protection that can still be relied on to maintain the security of everyone who uses it.
We use crypto, especially Bitcoin, and of course we also don't want to have problems that could be detrimental and cause number of valuable assets to be lost, so we will always use platform that has clearly been registered and has an official license.
Moreover, there is no need to worry about licensing just because of freedom, I will still accept all of that to be able to get decent place and can be trusted to look after the valuable assets that I own.

Who said bitcoin isn't money? Before depositing bitcoin on a certain casino, you have to buy those bitcoins with.. what! Yes, you have to buy it with real money. When you win and make some profit, when you cash out your bitcoins, how are you going to spend it!! Sure, you will convert it to another form of money which is your local currency. So, what!  Is bitcoin money or not? Or at least, does it have the same value as your local currency or not? Sure it has.
When you play on any of the casinos you've mentioned above you are spending money too.

Not really that shocking not really that surprising on that government would really be always loving on trying out to control or to take grasps on everything on which it wont really be something
that new that as long they could possibly be able to integrate those regulations and those laws then there would really be no other ways to escape since you would really be obliged
on paying up those taxes or being that snipped out with those things. Yes, it is really that for the better good when it comes to economical aspect.
It is really just that they cant really be able to skip out into those things which something that could be beneficial.

Governments of several countries trying to control KYC policy to maintain taxes for the people of those countries. If there is no rule and anywhere they perform the buy/sell/exchange the the government will not be able to take taxes from them. So to ensure the tax they have to specific terms to their people.

The main point here seems to be that licenses from Curacao don't actually carry much weight legally in most places around the world.  Any online gambling sites operating with just a license from Curacao are likely breaking the law across a lot of different countries.  These kinds of licenses mostly just provide a sort of fake sense of legitimacy for players on shady sites.  But we all know if issues ever come up with one of these gambling operations, that slip of paper from Curacao won't be getting anyone's money back or resolving problems.


Yes. You could. And such a license would have the same value for me personally as a license from Curacao. Both casinos are equally illegal in my part of the world as they are not licensed under the legislation I am subject to. I'm from the EU. But the same is true for, for example, the US, and most other countries in the world. For the people running the sites it allows them to technically claim to meet licensing requirements.  But for users it's more illusion than reality when you scratch beneath the surface.

What makes casinos using bitcoin endeavor to get a license for operation is due to the mentality of the gamblers that make use of these casino's, hardly you see gamblers get so comfortable making use of casinos that are not registered and licensed under government as they fear that they can be easily scammed and there's no channel that they can go register their grievance that could compel the casino to do the needful. Despite this, there are still casinos that operates without license and they have been with a recommendable reputation.

You know, first of all, that I don't believe that Bitcoin is money; most people know that. It's not because it can't be touched; it's not really money anymore, but almost all casinos accept it when it comes to the category of deposit to gamble. Isn't it like cheating when they do that?

Although, until now, there are still countries that do not recognize Bitcoin in their countries, we know the reason why: they know they have no ability to really control it because what they want is for them to have an advantage, of course.

Although Bitcoin is called a "digital currency," some people and businesses need licences to use it legally and compliantly.

• Digital currencies like Bitcoin are government-controlled. These groups enforce AML and KYC laws when people buy and sell cryptocurrencies. Obtaining a licence shows that some groups take these rules seriously.
• Licencing protects consumers by requiring cryptocurrency businesses to follow rules. Stopping fraud, protecting customer funds, and resolving disputes can help the cryptocurrency industry gain trust.
• Licencing bodies require cryptocurrency businesses to take security measures to prevent theft, fraud, and hacking. These standards help businesses protect their clients' assets and operate safely. They can implement strong security and conduct regular audits.
• A cryptocurrency licence can help a business gain recognition. This recognition can attract investors, make partnerships easier, and provide financial services to licenced businesses.

Remember that cryptocurrency laws vary by location. Some countries have licencing systems, while others are still creating them. Individuals and businesses should consult lawyers to determine local business rules.

I agree with you that if any problem happens with the gambling sited as well as the gambler then the problem need to make a solutions. And if the gambling site has no regulations then the site may go away and there might have no way to resolve the issue. So licence is helpful for the gambler mainly.

agree with this mate everyone of us have different perspective and way of looking in Bitcoin and some of us are already know that Bitcoin is not a scam and Bitcoin is very good to invest but there are many people around the globe that they will not accept Bitcoin and the best example of these are governments which they didn't accept Bitcoin in their country and we don't know the main reason why they don't accept Bitcoin. But nowadys there some countries that they are now accepting bitcoins than before .

I hope that's the case and that the casino platforms will and can exist without regulation, but so many online casinos got their domain and are hosted on platforms that are regulated by the government they can easily ask the registrar and the host to stop registration and hosting platforms casinos that do not adhere to international laws on AMLAC.
And worse they can mark these platforms as part of money laundering as they did in many mixers, online casinos are legit profit-making business ventures so they have no choice but to be compliant and go in the direction of what legit online companies should do and that is by getting licenses.

Very good discussion glad OP created this kind of discussion you might want to open a poll on what the community thinks