If you are involved with cryptocurrency casinos, chances are, you have wondered How to license a Cryptocurrency casino?
The creation of cryptocurrency and digital currency has revolutionised online gambling. The first digital currency was introduced in 2008 and today there are over 1500 different crypto currencies and growing. Bitcoin is the most popular and the first. There are a number of online casinos that accept digital currency, therefore knowing what qualities to expect from good Crypto Casino’s is important.
Here are a few qualities to consider:
- Fast deposits and withdrawal: All crypto currencies boast a fast deposit and withdrawal speed, these transactions should be done in a few minutes.
- Transaction fees: These are much smaller when depositing and withdrawing cryptocurrency.
- Anonymity: Usually only your email address is required. This anonymity also allows users, located in countries where online gambling is forbidden, to access and play at online casinos.
- Verifiable game results: Via provably fair protocols – numerous crypto casinos offer a provably fair feature, which users can utilize in order to verify whether their roll is authentic or has been tampered with. This provably fair system guarantees fairness of games. The transparency of blockchain can also be used to further prove fairness.
- Higher pay outs: Any high quality crypto casino will offer high pay outs across all games.
- Lucrative Offers: Be on the lookout for welcome bonuses and in-house game promotions. Loyal Bitcoin gamers may also qualify for exclusive VIP reward systems where they are handsomely rewarded.
Cryptocurrency casino checklist
- Proper licensing from a recognized gaming jurisdiction.
- 24 hour customer support in case of any queries.
Are cryptocurrency casinos legal?
The big question on many minds – is cryptocurrency gambling legal? The short answer is currently, yes. As it isn’t an official currency, ‘playing’ with it doesn’t differ much from playing with any other virtual currency. In addition, if you have acquired your cryptocurrency anonymously then it becomes almost impossible to ban, restrict, or regulate. We wrote an article on Bitcoin casino licensing which should give you some more insight.
How to license a cryptocurrency casino?
A cryptocurrency casino is licensed no differently than a normal casino. There are certain restrictions that may be put in place, for instance, Curacao licensed casinos can not act as a type of exchange or financial services entity and for this reason, if they accept Bitcoin, they must not convert this into any other currency. This can easily be circumvented by using a third party PSP who does the exchange for you.
Why license your cryptocurrency venture?
We speak with prospective casino owners on a day to day basis and it is a common question as to the point of licensing a pure crypto casino. One of the many reasons is accountability. A licensed casino is required to adhere to certain rules and regulations as enforced by the jurisdiction in which it works. This may be to ensure that games are fair or to have enough funds to payout players. Another reason is that by licensing under a jurisdiction, you are protected from third party law suits who may claim (right or wrong) that you are operating your cryptocurrency illegally.
How to get started?
When considering licensing your venture you may be interested in obtaining either a Malta gambling license or a Curacao gambling license. You also have an option to setup a white label type solution as well which is affordable.
GamblingTec.com can power your cryptocurrency casino
While regulations in most jurisdictions are still green, a time will come when games of skill will need to be regulated. In cases where they do, you are free to ingerate your games into the GamblingTec.com platform which operates off a gambling license.
For more information: licensing for game developers