Why should you get the Crypto online casino license from GBO?

GBO brings you expertise in both of these fields. For more than twelve years, we have assisted hundreds of customers in setting up online gaming operations in the most developed markets. Since the first outbreak of cryptocurrencies, we have also been at the forefront of guiding businesses seeking to expand their operations into this growing and highly profitable area.

Basic Terminology for Crypto Casino

There are a few basic terms used in this field that must be clearly understood:

Cryptocurrency – Cryptocurrencies are created in a digital process using cryptographic techniques without the involvement of a central monetary authority or bank. People can buy, sell or trade them securely. A cryptocurrency (or “crypto”) can circulate outside the conventional financial infrastructure. They are only represented as tokens of ownership, never as paper currency. The value of the crypto token is determined entirely by the open market.

Online casino – Gambling on the web has become a significant industry, with the number of online casino sites and volume of activity far outstripping “bricks-and-mortar” physical casinos for more than a decade.

Only countries with laws and regulations controlling online gaming represent the proper jurisdictions for serious investors. Many countries have legalised online gambling. Illegal or unlicensed operations carry a very high risk of failure and are extremely difficult to market to players who have learned through experience which online gaming domains are safe.

Consult with the expert team here at GBO. We have many years of experience in the whole body of online crypto gambling regulations and know the best way to fit your needs to the available options.

Some countries (e.g. Singapore, UAE, Cambodia) or individual states in larger jurisdictions like the USA, Australia and Canada (e.g. Utah, Tasmania) completely ban online gambling. A much smaller group has a completely open-door policy, permitting unregulated and unlicensed operations. They have bad reputations among players who have learned not to trust the casino operators working out of those countries. It is also almost impossible to set up the necessary infrastructure of payment processing accounts or acquire good-quality gaming platforms.

In Europe and the UK, gambling is permitted but highly regulated. Some states (e.g. Pennsylvania, New Jersey in the USA and New South Wales in Australia) have more relaxed laws and permit most forms of casino-type online slots, table gaming, sports betting etc.

Crypto online casino license – online casinos can set up their own rules for how players can sign-up, deposit funds, play, and withdraw funds. There are no specific regulations that dictate these rules. However, in the more tightly supervised jurisdictions in Europe and the US, there may be strict auditing and oversight processes to ensure the fairness of stakes and the safety of the players’ funds.

Until the growth of cryptocurrencies, online casinos generally allowed gamblers to deposit and play only with central “fiat” currencies like the US dollar, Euro or British pound. Increasingly, the more advanced online gaming websites have opened up to allow deposits in the more popular cryptocurrencies. There are no legal barriers against this practice, since cryptocurrencies are totally unregulated.

A crypto gaming platform should not be confused with a crypto exchange, where cryptos can be swapped, bought, or sold for fiat currencies or other cryptos. A crypto casino is an online gaming casino that accepts cryptocurrencies, where players can stake a unit of their own crypto balance in a bet and will receive a payout of the same cryptocurrency, in precisely the same way that a player can stake some dollars, euros or pounds, and receive their payout in the same currency.

Online casino Crypto license

In all the regulated jurisdictions, operators of online casinos are required to hold a current casino license. The terms and conditions of licenses vary across different countries and even between individual states within the countries.

Before you decide on your online crypto gambling setup, you should get the experienced team here at GBO to advise on which casino license matches your own needs. We have many years of experience in the whole body of regulations.

The license is a major requirement for an online crypto gambling company to cooperate with payment providers to manage fund transfers between you and your own banks and between players and your online crypto gaming website. It also ensures a good reputation in the global market of the eGaming industry and gains you credibility among players.

Is there a crypto gambling license?

Casino operators can offer to gamble using a wide range of cryptocurrencies without breaching any laws. There are no specific requirements regarding the licensed use of cryptocurrency, which is neither illegal nor prohibited as an online casino payment method.

Most jurisdictions do not regard cryptocurrency as a real currency. Although some countries have strict laws about online gambling, no legislation actually prohibits online crypto gaming or penalises casino operators.

The main advantage for players who wish to use cryptocurrency is that it ensures complete anonymity. Authorities in countries that prohibit gaming cannot track the movement of funds into and out of the casino in the same way as they can for fiat currencies that have to move via traceable banking transactions.

Amongst the online gambling jurisdictions that have already included crypto gaming in their licenses, Curacao allows casinos to accept deposits and wagers in several cryptocurrencies. The licensing authority monitors the operation of the online gaming casino, and as long as casinos that accept cryptocurrency adhere to the regulations set by them, they are legal.

Is it necessary for a cryptocurrency casino to obtain a gambling license?

An online casino wanting to operate in a reputable jurisdiction needs to hold a gambling licence. This facilitates payments processing and may be a condition of contract to use the best white label gaming solutions and use the gaming platform of the software providers.

Transfers made in a cryptocurrency do not involve a bank or EMI (electronic monetary institution). The player deposits some crypto tokens from his wallet into the casino wallet. This transaction has nothing to do with the Crypto online casino license.

Betting with cryptocurrency is the same as wagering with any other fiat currency. As long as the online casino accepts the cryptocurrency, it would not be illegal to deposit and gamble with cryptocurrencies.

What are the crypto casino regulations?

Since jurisdictions that have legalised online gaming currently have no stipulations about the use or restriction of cryptocurrencies, there are no relevant regulations. It may at some point in the future become part of the casino licensing process to either restrict or limit crypto gambling, but this is only a distant possibility at the moment and should not be a concern. To ensure complete safety, we can strongly suggest working with us in the Curacao jurisdiction, where crypto gaming has already been authorised.

How to license a Cryptocurrency casino for gambling

Let GBO help you through the steps you need to take. We have particular experience in the Curacao online gaming licensing process, and with the whole banking, corporate and finance structure that you will need to create to quickly and efficiently establish your online gaming operation there. Remember, Curacao is already prepared to accept cryptocurrency casinos as legal, so you will be free to allow players to gamble with cryptos from day one!.