Bitcoin Online Casino Licensing requirements
Bitcoin is the most widely traded and recognized cryptocurrency. It sets the benchmark for the rest of the cryptocurrency world. There are no specific requirements regarding using Bitcoin both as a medium for transfers into and out of casino accounts or as a wager. It is neither illegal nor prohibited in online casino transactions and plays. Most countries do not yet regard Bitcoin as a real currency.
Bitcoin casino turnkey solution
The options for computer systems needed to set up an online Bitcoin casino are:
- To purchase a “white label” solution, a ready-to-go casino platform that can be branded to appear like your own unique casino to visitors. Both the originators of the solution and the branders charge fees, either flat amounts or a percentage of your casino’s profits. This is a rapid and easy path to getting your Bitcoin casino up and running, but on the negative side, you will be pretty average in terms of what your site can do, because you are sharing this platform with many other casinos worldwide.
- To develop a complete turnkey solution either with your own software team, or by employing external consultants for the entire process from design through programming, testing and implementation. The advantage of a turnkey package is that it will completely match your own requirements and can offer customers things that they can’t find on other sites. This is especially important if you will operate in tightly regulated countries. Because Bitcoin gaming is relatively new, the existing white label solutions mostly have only grafted Bitcoin capabilities on top of their older technology, so there will still be bumps and gaps in their packages. A turnkey solution with full Bitcoin capability will be precisely what you need. Be prepared, however, for higher up-front costs and a more extended period to get the solution you require. In the long run, the up-front investment in time and money will give you a better solution that is less costly to maintain.
Bitcoin Online Casino Licensing
Because Bitcoin is the most popular and recognized medium of trade in the crypto world, it can make good business sense for new crypto gambling investors to start with a single offering of gambling on a licensed Bitcoin casino.
Most countries do not yet regard Bitcoin as a currency, so licensing a casino that can handle Bitcoin can be done the same way as a regular casino. GBO has been offering complete turnkey packages for customers looking to set up casinos in the key locations of Curacao and Malta for nearly 15 years. You should let us take the necessary steps, and you can be up and running in just a few weeks.
What does a crypto gambling license cost?
Setting up an online crypto casino involves many steps. The crypto gaming license cost is just one of the many associated costs. It would help if you let GBO be your guide because we have the necessary skills and experience to ensure that you have the best possible solution.
One of the main variables in the crypto casino license fee structure is the country in which you base the casino. The first choice you should make is to select a jurisdiction that issues recognized and acknowledged licenses. Gamblers are very wary of countries that allow unregulated gaming, because there is a long history of illegal and criminal organizations that disappear overnight, taking all of the players’ funds with them. This is primarily a risk for crypto casinos, because cryptocurrencies are totally untraceable.
Crypto gaming license costs will include the formation of a corporation inside the licensing country, and the establishment of the required infrastructure, including a gambling software platform, payment services, banking and all the required personnel. Crypto casino license requirements dictate the presence of local directors, the identification of Ultimate Beneficial Owners, and due compliance with Know Your Customer (KYC), Anti-money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws.
Can cryptocurrency be used for gambling?
There are no specific conditions regarding the use of cryptocurrencies both for transfers into and out of casino accounts and for betting. The casino can allow customers to work entirely in cryptocurrencies or set up some exchange if they have not upgraded the games to permit wagers in crypto denominations.
Is Bitcoin casino legal?
In many countries, an online casino must obtain a gambling license. Without this, it cannot process payments via banks. Most customers will avoid using the site because of experience with illegal gaming companies that were either fraud or failed, with the gamers’ money disappearing. However, there are no specific laws relating to whether Bitcoin or other cryptocurrencies can be used to move funds or gambling.
How do you set up a crypto casino?
The steps to start a crypto casino can be summarized as follows:
- Choose the jurisdiction in which you want to operate – preferably one which already issued recognized licenses like Curaçao or Malta
- Set up a company in that country
- Either purchase a “white label” software package and rebrand it with your look-and-feel, or develop your own turnkey solution
- Establish a website and start publicizing your business.
Do you need a license for a crypto casino?
There are no laws relating to whether Bitcoin or other cryptocurrencies can be used for transfers or gambling. To be legitimate, an online casino must obtain a gambling license from a recognized authority, otherwise it will not be able to open bank accounts to process payments. Gamblers are also very wary of unlicensed casinos because these have a history of disappearing with their customers’ money.
Is crypto gambling regulated?
The authorities who oversee licensed online gambling operations inside their jurisdictions do not distinguish between fiat currency and cryptocurrency transactions. The same regulations apply regardless of which medium of transaction the casino allows.