Gambling and cryptocurrencies are a hot combination. However, many people wonder if these types of casinos are legal… In this article, we take a look at this topic under the magnifying glass.
The most important information:
- Activities carried out by casinos that are not licensed by the Ministry of Finance are illegal
- Persons involved in foreign gambling without a licence from the Ministry of Finance are criminally liable
- In practice, cryptocurrency casinos are treated the same as other gambling sites
Gambling in the UK – is it legal?
Before turning to the topic of cryptocurrency-related casinos, let’s take a look at the regulations in force in our country. Is gambling legal here? Yes, but not all. According to an amendment to the Gambling Act of 1 April 2017, there can only be one state-controlled Bitcoin Casinos for 2022. This is Total Casino, owned by Qyto. It was established in early December 2018 and its offer includes slots, roulette and card games.
Activities carried out by casinos that do not have a licence from the Ministry of Finance are illegal!
With the amendments to the Gambling Act, the Banned Domains Registry was also created – but it is not perfect. It was supposed to contain a list of all companies from the gambling industry which illegally offer their services to Britain citizens – but in reality it turned out to be “perforated”.
The Customs Service stressed that those involved in foreign gambling without a licence from the Ministry of Finance are criminally liable. Under Article 107 § 2 of the Tax Penal Code, users who break the law face a fine or imprisonment for up to 3 years, or both at the same time.
So, is it possible to use cryptocurrency casinos in our country? Although the question is rather confusing, in practice cryptocurrency casinos are treated the same as other gambling sites.
Gambling and cryptocurrencies – what is worth knowing?
First of all, that bitcoin transactions are not anonymous – however, you can find the opposite opinion on the “Internet” – mostly due to ignorance of people who haven’t had much to do with cryptocurrencies … If you’ve heard of such theories, you’d better wipe them from your memory.
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Of course, there are coins that are strictly privacy-oriented, like Monero (XMR) or Dash (DASH). However, a significant number of cryptocurrencies have public blockchains on which each transaction can be tracked (to have an idea of data such as the sender and recipient address, transaction amount, date and time), bitcoin in particular belongs to this group. Unlike bank accounts, the addresses to which BTC coins are assigned are not signed with a name – this is a fact. However, when exchanging cryptocurrency for fiat currency, it is easy to trace the identity of the user. All because many platforms, including a significant number of cryptocurrency casinos, require their customers to go through an identity verification process.
While the vision of gambling with bitcoins may seem tempting, it is worth considering the legal regulations of the country in which you reside…
Author Bio: I’m Jaylin: Guest post service planner of Leelija and full time blogger.
Favourite things include my camera, traveling,caring my fitness, food and my
fashion. Email id: editor@leelija.com
