Why they need a license if bitcon is not money? - page 22.

AbuBhakar

hero member

Activity: 1218

Merit: 563

🇵🇭

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.

m2017

legendary

Activity: 1792

Merit: 1296

Playbet.io - Crypto Casino and Sportsbook

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.

Bananington

sr. member

Activity: 1470

Merit: 428

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.

AB de Royse777

legendary

Activity: 2464

Merit: 3878

Hire Bitcointalk Camp. Manager @ r7promotions.com

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.

efialtis

legendary

Activity: 1750

Merit: 1363

www.gosubetting.com

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).

ryzaadit

legendary

Activity: 2688

Merit: 1262

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.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

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.

But for now lets talk about those licenses and its undeniable that this is not actually necessary since the owner still can scam people even if they have that. But the problem with other now is they think license casino is legit that's why a lot of new casino trying to comply those requirements so that they can look good to the eyes of people and use this piece of paper to market their casino as legitimate platform.

its undeniable that there are casino which still operating even if they don't have a license but still they are reputable until now. But we can't also deny that most of them are long time running casino and maybe they see that they don't need that already to impress people since their reputation and years or decades of existence of their businesses is enough for people to trust them.

asyakashi

sr. member

Activity: 1918

Merit: 256

DGbet.fun - Crypto Sportsbook

In my opinion, the casinos that get the license and implement it in the casino may only be based on the trust of their users, and could just be a promotional medium, so it's not surprising that they use it as an attraction.

ultrloa

legendary

Activity: 2758

Merit: 1228

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.

That's should be the case since bitcoin is supposed to be for anonymity of its users but maybe the demand dictate it and some other casino owners push to get those licenses since this is the first things ask by people especially if they launch their casino here.

Many people seek for license that's why they feel that its mandatory now before they operate their businesses since they afraid that people will lose trust on them. We can excuse those casino you have mentioned since so far they are the one who earn a good reputation and they manage to operate without having a license since their reputation is well established now here.

The problem with new casino is they want to impress people by getting those licenses and show that they are a compliant casino so they can trust them.

efialtis

legendary

Activity: 1750

Merit: 1363

www.gosubetting.com

You might want to read this: https://www.btcgosu.com/blog/guides/gambling/how-why-crypto-gambling-sites-get-licensed/

This one`s quite interesting, too: https://www.btcgosu.com/blog/guides/gambling/anjouan-gaming-a-rising-crypto-casino-regulator/

Assface16678

full member

Activity: 1484

Merit: 136

★Bitvest.io★ Play Plinko or Invest!

Yes, the currency or crypto currency is untouched or cannot be manipulated by the government or even put under a tax or whatever legal law, because a virtual currency is secured and cannot be controlled. But the thing is, when it comes to a casino online or establishment, or crypto casino, as they are run and owned by people, they have to comply with the laws, and one of those is a licence and also KYC. It's all part of the requirements so that they can operate their business. Of course, all things should be done with legality, or else they can't operate, but illegally.

So either you comply with it, accept it, or don't play with a crypto casino because, no matter how frustrated you are, you can't stop the government from implementing the laws. Yes, many disadvantages may come as the tax for the crypto casino will increase and be added to our expenses.

Rruchi man

legendary

Activity: 1498

Merit: 1116

Top-tier crypto casino and sportsbook

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.

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, 01:07:54 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, 01:07:54 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

hero member

Activity: 826

Merit: 583

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.

Zoomic

sr. member

Activity: 630

Merit: 277

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.

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

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

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

sr. member

Activity: 1484

Merit: 324

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

legendary

Activity: 2492

Merit: 1092

Leading Crypto Sports Betting & Casino Platform

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?

virasog

legendary

Activity: 3206

Merit: 1174

Leading Crypto Sports Betting & Casino Platform

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?

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, 09:01:29 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

legendary

Activity: 3276

Merit: 3537

Nec Recisa Recedit

"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

legendary

Activity: 1372

Merit: 2017

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.

Topic: Why they need a license if bitcon is not money? - page 22. (Read 4557 times)