Topic: Why they need a license if bitcon is not money? - page 3. (Read 4439 times)

Well that's part of the risk for providing our personal details online that's why we should be more careful and don't try to deal with multiple platforms around since the more we participate on new casino the higher the risk to get compromised. So much really better to stick on few trusted casinos so we won't experience this situation.

The only thing we can hope for this is the government should put strict implementation or regulation then monitor those online casino so that they can possibly minimize the incident where people are in danger towards such situations mentioned. Also they can sue immediately those criminals trying to deceive people and get something from time.

Everything has two sides, advantages and disadvantages. Just like in the story Dr.Bitcoin_Strange provided: if the kidnapper does not verify his identity with the casino, it will be very difficult to find and catch him. Not to mention, these are just small-scale kidnapping and ransom cases. If criminals take advantage of this loophole to launder money or finance terrorism, the problem will become more serious.

By the way, if the casino is not reputable, can they let you win or can you withdraw large amounts without any problems? Basically, if the casino is not reputable, I think you will not be able to withdraw such a large amount of money. because assault, kidnapping and extortion are serious crimes, i don't think casinos are stupid enough to choose that course of action instead they will try to prevent you from withdrawing money from their casino.

It is really a risky things when someone complete kyc verification on any casino site. because when you will play casino game and win a big amount then no one will able to track you . but when you complete kyc verification then casino company has your personal documents. so then if you win a big amount and withdraw your money and if that casino site is not reputable then they can hire any kidnaper for attack you and take bake there money in a hidden way.

I think the guy lost his mind that he couldn't just figure out that a direct transaction into his casino account could lead to getting his details because he did KYC on that casino. There's a parable in my culture that says, "who the gods wants to kill, they first make him mad. " That's was the case of the guy.

The kidnappers was a dumb guy and he thinks by using a casino he can afford to hide from arrest or identity exposure, that is insane and could only happen when you already as guilty as hell and about to get caught for the crime, if not he should have thought that the casino will always provides his full name when deposits are about to be made into that casinos bet account, and from that point, the sender can have access to his full name and further investigation could lead to his arrest.


It likely that the casino was not even involved in his exposed tricks, since with just the payment tag from the casino police can carry out investigation from there and leading to his exposure.

I think I have to agree with you on this too because of the recent incident that a member on this forum talked about. It was about a kidnapper that abducted some and ask for ransom which was demanded to be paid into his gambling account and because he had actually done KYC on the casino, he information was exposed. Such is a good thing that the casino helped out because they complied with government policy.

For some reasons those casinos license have not helped in any ways most especially those cryptocurrency casinos licenses, since we have hard a lot of cases involving those so called license casinos yet those case are unresolved and the licensing authority which surpose to step in and help protect the gamblers right have suddenly become mute for a long period of time making people to give up on those licensing fees collected to help pursue legal cases in other to create balance playing ground for both the casino team and the gamblers alike, with that it justified to say that gambling on offline casinos have become the go to point for many gamblers who already know that gambling on non reputable and popular online cryptocurrency casinos could've a bigger risk if their run into any problems along the line, I think in the future something need to be done to safeguard this so called license issuance and how it help to protect both sides and not just a means to take tax and fees alone, there must be a rule that stat clearly the role of government issuance institutions to customers protection and as well as dispute resolution.
Just as mentioned in my last paragraph, I will like to say that, gambling on license online cryptocurrencies casinos is not entirely risky if one gamble on reputable online casinos like stake, Duelbit, and Rollbits and the rest of the other online casinos that have build a presence here in the Forum, and with long term history of representing and providing quality gambling service to customers, but then we have a few other's who are entirely scam casinos and all their attempts, is to hide under the guise that their are operating cryptocurrency casinos and are untraceable, such casino like 1xbit and a good number of the already known scam online crypto casinos.

In every corner of the Earth, depending on the region, there is a "place" to open any casino. Crypto or fiat one. Curacao and Malta are the most common countries for this purpose since their regulations are easier or/ and have lower taxation which is very tempting. In any case though is as you said. Licenses make casinos life easier.
As for govs, it's true that most of them avoid naming crypto as "money" but we all know that they tax crypto and they consider it as "assets". And gambling with valuable assets, sooner or later, will make a license mandatory for any crypto casino. Whether we like it or not...

It is mostly about liquidity, it is true Bitcoin hold value but there are several assets which hold value through time and could be used as a wager to gamble and bet against anyone, but Bitcoin has the advantage of being a very demanded and liquid asset when compared to other media of exchanges or assets.
If Bitcoin was not so liquid and so widely accepted around the internet and around the world, it regulators would not go through the hassle of forcing casinos and bookies to get licenses and treat Bitcoin as if it was money or an equivalent of it.

I am in for less regulation and making the life easier for gamblers who just want to have fun, but I am also aware of the problem of money laundering and understand something must be done against criminals who seek to enjoy and reincorporate dirty money into the banking system.

I understand the frustration, but I think there’s a bigger picture to consider here. While Bitcoin may not be classified as "money" in a traditional sense by governments, it still holds value, and that's what matters. From the perspective of regulators, if users are risking something of value (whether it's fiat or crypto), there’s a need to ensure the integrity of the system, protect users, and prevent illegal activities like money laundering.

Licenses, in theory, are meant to provide a level of trust, fairness, and transparency in gambling operations. The fact that Bitcoin isn’t "officially" money doesn't change the reality that it’s used for transactions and people can lose or gain significant amounts through gambling.

Regarding Curaçao or any other regulatory body, yes, they’re capitalizing on the booming crypto gambling industry, but regulation doesn't necessarily mean a bad thing if it's done properly. It can help legitimize the space and protect users.

As much as I appreciate the freedom crypto offers, I think we have to strike a balance between innovation and responsibility.

They don't need a license really, but it adds an air of legitimacy and chances are most of the owners of these casinos will be inside a jurisdiction that has regulation around gambling. If the owners are found to be operating a casino from a place like Europe or America without the proper legal structures in place, then they could potentially face criminal charges that end with them in jail. These licenses slightly shift the jurisdiction or at least are part of a few hops that can hide the owner. It's great business for these little island nations as well, because they are independent countries that can build an income source and could genuinely set up a valid license system that oversee quality casinos.

A beautiful statement. I agree with that. Not only for tax but also through gambling sites it is possible to launder huge amounts of money very easily. And if a casino site is not licensed then it cannot demand KYC from the customer. So if a user is given the option to deposit and withdraw unlimited funds without any KYC verification then a lot of illegal activity will happen here. A casino site therefore requires various types of legal licenses. on the other hand, when users find that the site they are gambling on does not have a valid license, then major gamblers will not agree to gamble there.  They will fear being scammed. For this reason, casino sites will be licensed

I won't categorically assume or say that governments are stealing from casinos through license and taxes, and this is because on the norm, businesses are supposed to have a license to operate, this is what shows that they are government certified which also proves that the government has found them and their services worthy for the citizens of that country and the world.
And the taxes this businesses pay to the government is what is used to build and develop the country where they business is operating on, like build good roads, provide electricity, provide good healthcare for the supposed customers of that same business because they need to stay alive ans healthy to continue to patronize that business or company, and so on and so on.

The only area the government, or would I say the body of the government assigned to issue and maintain licenses to companies, which is the regulators, fail is that, they are now doing a half job, they issue license to companies, collect taxes, collect license renewal fees, but fail to make sure that the companies are not using that same license to scam their customers.

Its double edge sword for them where both situations government win and we cannot do anything with it since that's how law works. Authorities always have advantage towards what they are implementing.

But there's still a good thing with decisions they do since somehow they can force those casinos to comply with regulations they set. Also by this it can lessen the possible scams and we have certain indicator that a casino is good platform especially if they are compliance to the law. But we can't deny that there's still a problem with implementation of the law and if they could just strengthen up their presence maybe there would be more better result especially for chasing online criminals who do serious crimes.

Taxes from the gambling industry are huge and if there is no regulation then there will be no taxes, I also think that why the government implemented that every casino must have a license to operate its gambling services, because they need to steal money from casinos, then, KYC and other frills are some other purposes as a way for them to work so that they are not considered as thieves completely under the pretext of supervision, we haven't whether or not there is a true audit of the casinos, because there are still a lot of frauds that are true even by licensed casinos, I think the audits that are done are only on the user database and the financial flow of the casino, and that does not include audits that are supposed to be intended for user safety. LOL

Very true and unfortunate, some time in the past, I talked about what really is the benefit of the license that casino strive to own or have in order to prove to the gambling community that they are legit?, it's really unfortunate that even with this licenses, online gambling casinos will scam/defraud their users, continue to operate and act like nothing happened, and this is why many still prefer to gamble on offline casino, because in offline casinos, such issues as the casino trying not to pay a gambler his or her winning is very rare, since they have a physical office, store or hall where people go to, and they have a manager and customer service personnels that the gamblers can see and talk face to face with.

And though, even as an online gambler, becoming to victim to such scam can actually be avoided, and the only way I think that can be done is by choosing to only play on reputable casinos, casinos that their user base, hardwork and achievements have proven their legitimacy in and to the online gambling communities - one of such casinos if Stake.com

I agree that government regulation focuses more on taxation and controlling money laundering than protecting users. But I think protecting users is not as easy as we think, how much manpower will they need to handle thousands of gambling complaints every day? Lack of manpower can be a barrier for the government as there are thousands of more important issues to deal with instead of spending all of its time and manpower on solving gambling problems.

Also, even if the government imposes tax regulations, but how many people comply with the regulations and voluntarily pay taxes? Or do most of us find ways to circumvent the law, evade taxes, but when something unfortunate happens, we ask the government to protect us? In this case, it is clear that the fault lies with both sides, not just the government.
The government collects taxes but fails to fulfill its responsibility to protect consumers, while players do not want to pay taxes but want comprehensive protection from the government.

We have seen thousands of scam accusation complaints on the internet. How many of them were resolved? In most cases, the scam happens once the user wins a hefty amount of money in a casino. They do not scam a hundred dollars; they always target big amounts, which are usually bigger than a thousand dollars. Sometimes, it's life-changing money for some people. But since it's an online casino, players usually don't know what to do and where to complain.

Only a tiny percentage of players create scam accusations in the forums, and some others end up contacting mediator services like Ask Gambler and Casino Guru. Imagine the real number of players who got scammed but never got any help from anyone. Has the license provider ever audited any casinos? I don't think so.

You are right, mate, @EarnOnVictor. The reason why casinos is being regulated is not to protect consumers. If it was for consumers sake, then what have they been doing to help those addicted gamblers and in which way are they helping to promote the knowledge of responsible gambling? I believe that their main reason for regulations is tax collection and monitoring of money laundering issues.

The government has the power to make decisions for us and sometimes when they know that they have made mistakes, they come up with some excuses to make it looks like they are not really responsible for such mistake. We all understand what the government is up and we can always see different policies that tend to make us ask questions why such things is happening even when they kept telling us that Bitcoin is not money but need regulation. What is the regulation for? To control users privacy and how we buy and hold while tasking us heavily which is absolutely ridiculous. Although we can't fight the government decisions but we can challenge them to have a rethink because we are not newbies.