Bitcoin emerged in 2009 as a digital currency and has broken new ground in several industries since then. For one, it has massively changed how individuals make financial transactions, especially in entertainment and crypto gambling. Now, bitcoin and cryptocurrency are included as a mode of payment across different online businesses. This has only made sending and receiving money more convenient and accessible for many.
But despite its soaring popularity, there are still those that question the legalities and regulations surrounding it. As a decentralized currency, the truth is that there are actually no laws that govern Bitcoin gambling in general. This means that it’s neither officially banned nor permitted. Even so, there are still gambling regulations in place that vary from country to country, albeit only a few prohibit crypto use.
Legalities of Bitcoin Gambling Worldwide
The European Union is the pioneer in legalizing crypto use and is currently at the forefront of the movement. Despite this, it still has no comprehensive regulation in managing crypto-related activities. Malta, on the other hand, is best at crypto regulation, given that all blockchain laws were approved and passed there first.
It’s a different case for the United States. The Unlawful Internet Gambling Enforcement Act prohibits all forms of online gambling, which means that the authorities may still act against Bitcoin gamblers or related gambling websites. It also forbids consciously accepting payments linked with another person’s participation in a wager that involves Internet use, deeming it unlawful.
Still, this does not explicitly say that Bitcoin casino apps or gambling is illegal per se. Some state governments have legalized online casinos, although the United States would want a cut should a website offer Bitcoin or crypto as a betting option. In Canada, Bitcoins aren’t currently prohibited, but crypto dealers are regulated and recognized as money service businesses. Similarly, companies that use virtual currencies are also mandated to register with FTRAC and comply with all requirements – one of these includes reporting suspicious financial transactions. There are also plenty of age restrictions that should be considered when it comes to gambling activities in the country.
The United Kingdom acknowledges Bitcoin as a store of value, but this comes with several restrictions on crypto gambling. For instance, casinos that want to offer Bitcoin gambling should make sure that they satisfy all of the requirements in terms of the source of funds before applying. Failure to do this will result in the refusal of the application. Although the confirmation process seems tedious, it’s important to ensure that crypto activity remains legal in the country.
To date, there are more than 70 countries worldwide where Bitcoin is deemed legal, and 15 with contentious situations regarding this. Nonetheless, it’s important to consider that opinions on cryptocurrency are changing rapidly, and there are no clear-cut answers to whether or not Bitcoin casino apps are legal. This is because different nations’ attitudes to Bitcoin change from time to time, with some now beginning to look at crypto and blockchain-based services more positively. Laws are constantly changing, so make sure to check the local regulations and rules in your area should you decide to gamble or invest in Bitcoin.