Why they need a license if bitcon is not money? - page 21.

paxmao

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Quote from: seoincorporation on January 18, 2024, 09:01:29 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.

And in a perfect world you would be free to do whatever with your money, but there is to much drug and weapons dealing money around and even if it is not cash, it would be just too easy for the site, the owner and most importantly any bank they potentially use to join the list of sanctioned entities. That is something most people simply will not risk. Too life-changing.

Agbe

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In the cryptocurrency world, it is only the smart governments make millions and billions from it and not the so call wise ones. They think they are wise do they see cryptocurrency as bad omen to their economy and citizens. And with that many place restrictions and ban them in their countries but later discovered that cryptocurrency is not what they think but to give them financial freedom. So many are coming back again but for those who were smart enough to adopt the digital currency have made enough money from it. And this Curaçao is really making money, that is cool money from gambling through their issuing of the gambling license to casinos. And almost all the casinos I have seen, their license is from Curaçao. That is a smart game they have played.

fapar

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Quote from: abel1337 on January 19, 2024, 11:03:25 AM

Quote from: Fivestar4everMVP on January 19, 2024, 01:07:54 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.

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?

I myself don't exactly know but my guess is casino who has license is the proof that the casino is under the influence of the law and they can be punished if they didn't abide the law where they got their license from. This somehow put a trust on a gamblers heart by trusting them knowing that the casino owners can be subject to jail if they didn't abide the law or for short scamming the gamblers. It is a "certificate" that the casino shows as a proof of their legitimacy, though I doubt it since there are casinos who scammed people even they posses one of these gambling license.

A gambling license allows the owner of an online casino to conduct such activities. Chain: fiat currencies - casino owner - online casino - gambler. We, the players, are on the other side of this chain, and having a license only conditionally insures our funds, i.e. protects them at the user agreement level. I really expect that these casinos will soon replace Web3 gaming platforms with smart contracts.

abel1337

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Quote from: Fivestar4everMVP on January 19, 2024, 01:07:54 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.

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?

I myself don't exactly know but my guess is casino who has license is the proof that the casino is under the influence of the law and they can be punished if they didn't abide the law where they got their license from. This somehow put a trust on a gamblers heart by trusting them knowing that the casino owners can be subject to jail if they didn't abide the law or for short scamming the gamblers. It is a "certificate" that the casino shows as a proof of their legitimacy, though I doubt it since there are casinos who scammed people even they posses one of these gambling license.

leonair

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Quote from: seoincorporation on January 18, 2024, 09:01:29 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.

When a crypto casino comes online it is usable globally and not all countries have bitcoin as illegal there are many countries where bitcoin is legal and the country from which a crypto casino site is operated must have crypto legal and people from that country must be gambling Play and this is why casino sites require a license. It is the private problem of the country where crypto is not legalized so rest of the countries will be in danger for that country how come. This is why casinocytes require lyases. And the most important thing is that if you see that a site does not have a license then you yourself will not be interested in gambling there. So it is also an important factor to attract gamblers. And sites willingly license it for that too

Dunamisx

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Quote from: seoincorporation on January 18, 2024, 09:01:29 PM

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

You should know governments not today, they try to regulate anything even if at it's best performance, this same thing ha e been what they have already wage war against bitcoin to discourage many people from using it, they would want to have control and be in charge, then determine the rate they get through regulations and people under centralized institutions can't escape them, I don't know if this same is really applicable to no KYC gambling platforms.

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It's right that there is a debate about whether Bitcoin is money or not. But in the end, Bitcoin is considered as money we know. On the other hand, Bitcoin casino requires a Licence for many reasons. For example, Player protection, Prevention of AML(Anti Money Laundering), Responsible and fair gambling, to gain player trust, etc.

Fivestar4everMVP

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Quote from: TheUltraElite on January 19, 2024, 09:05:14 AM

I would like point out that the sites that OP mentioned are also the few casinos out there who are offering the Investment schemes. No other casino not even the biggest one out there Stake.com offers a investment scheme while if they did huge number of investors would have flocked in and would be willing to lend their money to the site.

I guess KYC and government crackdown on casinos is hard and who knows when these sites will get stopped by governments and their outdated policies? After all these sites are owned by humans and they have families to take care of, none want to end up in legal troubles.

Well, I do not have a clear and detailed understanding of how licensing works, but my major problem with it is that, it does not benefit the common gambler out there, license was supposed to act as a prove that a casino well established and known, and have zero chances of absconding with users money, but this happens not to be the case judging from what we all have seen happen in the past.

I am particularly not against licensing though, I mean, if it allows a casinos become limitless in their operation and reach, then why not? Every casino that dreams to become very big in the future should definitely obtain a license, so they won't have to start facing sanctions here and there for not having the required license to operate on some certain jurisdictions and areas.

But if at all, casinos don't need it to become big, then I wonder why having a license have become a major criteria in running a successful gambling casino.

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So anyway, I applied as a merit source :)

I would like point out that the sites that OP mentioned are also the few casinos out there who are offering the Investment schemes. No other casino not even the biggest one out there Stake.com offers a investment scheme while if they did huge number of investors would have flocked in and would be willing to lend their money to the site.

I guess KYC and government crackdown on casinos is hard and who knows when these sites will get stopped by governments and their outdated policies? After all these sites are owned by humans and they have families to take care of, none want to end up in legal troubles.

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Quote from: pakhitheboss on January 19, 2024, 07:28:26 AM

Quote from: AbuBhakar on January 19, 2024, 07:16:41 AM

I doubt government will cooperate to Curacao to properly regulate casino that being use by their citizens. This kind of license of Curacao will only make sense to me if they have offices on all the country which their license is applicable because it’s very hard to be in touch with them if you have a problem on a casino with their license while you have a intercontinental distance barrier.

If the government feels that they are losing money in the form of tax or if there are reports of too many scams then only the government would respond. Why would they have offices globally, many countries do not allow gambling as it is illegal. The next point is why would they when they are enjoying without even trying to practically implement their license law strictly? It is a win-win situation for them and I don't think they will change their policy ever. It is again a win-win situation for those casinos who want to scam their users and a win-win situation for those casinos who don't want strict regulations.

They will be held accountable regarding on those scam casino registered on their country but so far didn't heard any action regarding on those past scams happen and maybe they are not actually doing anything regarding on online casino scams happening since their main intention is to get revenue coming from those casino who want to get license in their country. Offices might hard to implement since for sure there's lot of things need to be done before this to happen but what's important their is they create some changes and make licensing hard to get by foreign companies. Scams is there and they just need to have strict solutions regarding on those activities so that they can avoid being question and people will still have impression that curacao license still a relevant requirements to have.

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I think government sees bitcoin as money. Because if they don't, the massive amount bitcoins they had confiscated before would not be up for sale or auction, they would just destroy it easily. They gain from the bitcoins they seize, right? so bitcoin is money for them.

License is important because that will minimize the scam in the crypto space, of course no gambler would risk their money without confidence on the gambling site they are betting. The game now is not just about license alone, but it's already a must that a gambling site both have good reputation and are licensed by whoever provider it is.

Jawhead999

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But who said license is a matter for crypto casino? I never said that, but most users did.

That's why when judging a new crypto casino, there's no need to take a look with license and ask them to get it. As long as you feel something suspicious like copy pasting other casinos, the bonus is too good to be true, and offer something not make senses, those are signs if the casino is high likely scam.

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There is an important point that everyone should understand about licensed casinos. We all know that the authorities' purpose in imposing obtaining licenses is first to make the casino company subject to tax, which is determined according to the number of transactions and revenue percentages. As well as imposing control on the financial activities of users, who in turn will become subject to tax according to the same principle.

But there is a point that concerns us as users, which is ensuring the reliability of the casino because obtaining licenses requires following legal procedures. This also guarantees the user’s right to file a lawsuit against the casino in the event of suspicions. Licensed casinos are subject to supervision and can be held accountable by the authorities whenever necessary. This guarantees the rights of users to sue and demand minimum rights.

Orpichukwu

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If the casino is going to be only a crypto base casino, then I think it can operate licence-free as there is no need for any form of registration or restriction as crypto is the only thing that is required to use, deposit, and withdraw, which was how crypto casinos were supposed to be in the first place, and they have been operating that way until now.

When scamming is taking over the casino industry, the only way people can still feel a little safe in the hands of those crypto casinos is if they are under a regulatory body that the people can run to in case of any misconduct or suspicious scam attempt by the casino operators. This is one of the reasons why licences have been made necessary for almost all casinos active currently. You don't know which one to trust and which one not to trust.

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Quote from: AbuBhakar on January 19, 2024, 07:16:41 AM

I doubt government will cooperate to Curacao to properly regulate casino that being use by their citizens. This kind of license of Curacao will only make sense to me if they have offices on all the country which their license is applicable because it’s very hard to be in touch with them if you have a problem on a casino with their license while you have a intercontinental distance barrier.

If the government feels that they are losing money in the form of tax or if there are reports of too many scams then only the government would respond. Why would they have offices globally, many countries do not allow gambling as it is illegal. The next point is why would they when they are enjoying without even trying to practically implement their license law strictly? It is a win-win situation for them and I don't think they will change their policy ever. It is again a win-win situation for those casinos who want to scam their users and a win-win situation for those casinos who don't want strict regulations.

AbuBhakar

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Quote from: Bananington on January 19, 2024, 05:35:59 AM

Without order in the society, there will be chaos and I believe that the licensing that the government does is to establish a kind of order and control to the crypto gambling sector that is becoming more popular and increasing. All lands were created by God but you still need to go through the government to obtain a land, this is because the government still needs to maintain order and be able to control and know whoever owns a land. This is the same with gambling and the licensing that is required of casinos before operation, it is a formal recognition that the government is aware of the casino.

The problem which I find on this license matter is the Curacao license doesn’t even regulate thoroughly all the registered casino. Anyone can get a license by paying the fee and meeting their requirements which is not that hard.

I doubt government will cooperate to Curacao to properly regulate casino that being use by their citizens. This kind of license of Curacao will only make sense to me if they have offices on all the country which their license is applicable because it’s very hard to be in touch with them if you have a problem on a casino with their license while you have a intercontinental distance barrier.

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Quote from: seoincorporation on January 18, 2024, 09:01:29 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.

True, it’s a funny observation that regulators deny the existence of bitcoin as a currency, but at the same time they seem to require gambling casinos to require the same regulatory documents as when playing for real money. But in fact, from the point of view of the law, bitcoin is just a game wrapper in this case, and not money (like money, from the game monopoly). This looks like double standards. The requirement for casinos to have a license is probably due to the fact that regulators want to get money from them, as well as to have the necessary information about casino owners in order to hold them accountable in case of violation of the law. This indirectly affects the interests of gamblers and provides them with certain protection.

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Quote from: arwin100 on January 19, 2024, 04:54:54 AM

Sad fact that government avoid bitcoin as form of money but here goes they are there trying to regulate some platforms and earn taxes from them. But if they could just think economically for sure it will be beneficial for them to accept this currency since there's a lot of opportunities will be created.

Without order in the society, there will be chaos and I believe that the licensing that the government does is to establish a kind of order and control to the crypto gambling sector that is becoming more popular and increasing. All lands were created by God but you still need to go through the government to obtain a land, this is because the government still needs to maintain order and be able to control and know whoever owns a land. This is the same with gambling and the licensing that is required of casinos before operation, it is a formal recognition that the government is aware of the casino.

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Quote from: seoincorporation on January 18, 2024, 09:01:29 PM

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

It was supposed to be that way but scammers are everywhere and without having a good background no one is going to trust a casino which does not have a license. A license at least ensures that the project is can not going to get away easily, they have a legal responsibility to response. But there are cases where many scammed even after having a license and nothing happened to them.

With a valid license the start is easy but without a valid license the start is hard. When a brand does not have a license they need to work the ground that they are trustworthy and paying. It requires more money in marketing, more promotions, more criticism to response.

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Quote from: ryzaadit on January 19, 2024, 04:58:55 AM

Perhaps, searching online will make you get some answers to the question.

Here: https://sigma.world/play/blog/online-casino-licenses/ Basically, It's not about the payment-currency they're using but their jurisdiction is the case. That's why they need license. Even they're running online casino with (FIAT)

Still, they need to license for the operation.

A so called "crypto casino" wouldn`t need a license for operation. (Many crypto casinos don´t even disclose where they are based, then you have the whole offshore BS going on, it`s funny)

Quote

The topic of regulation often pops up in online gambling discussions. However, pertaining to crypto sportsbooks/casinos, many gamblers are curious if these platforms need to get licensed at all. Technically, that is unnecessary since they operate using a medium of exchange that many regions/countries do not recognize as legal tender. Hence, they are not seen as legitimate money-making businesses. Despite this, to supply users a sense of confidence that operators are not doing what they wish and that gamblers have someone to turn to, many crypto gaming/betting companies opt to get regulated.

Edit: And I mean, just look at this forum and some crypto casino brands`actions - scamming the shit out of it without any consequences (a recent example being Betnomi).

Topic: Why they need a license if bitcon is not money? - page 21. (Read 4439 times)