Crypto Gambling Around the World: Legal Perspective

If two words have been reshaping their respective fields over the last decade, they’re cryptocurrencies and gambling. They are a perfect combination for every player who likes to enjoy their favorite games while utilizing the latest technological advancements.

However, big improvements like these don’t come without their own set of problems. In this case, there are a lot of legal regulations that have yet to be defined and established. This is why players all around the world face difficult challenges in different regions.

If you want to have a good casino experience and use your e-wallet without any obstacles, Hit n Spin is there for you. In the meantime, read below to learn about different aspects of online crypto gambling and how it’s different from country to country.

What Is Crypto Gambling?

Before we get into the legality of such, let’s understand what is all about. At a core level, it isn’t different from betting, only with digital currencies instead of traditional money.

Be it spinning the reels on a virtual slot machine, making that bet on your favorite sports team, or trying your hand at a round of poker, the principle remains the same: you are using Bitcoin, Ethereum, or some other digital currency instead of fiat currency.

So, what’s all the fuss about?

Crypto bets have several advantages not matched by traditional betting, such as:

• greater privacy;
• lower transaction fees;
• quicker payouts.

But all this comes with the warning that the legal structure regarding this form of gambling is still in its infancy, and it differs significantly from one country to another.

The US Market

Let’s start with the U.S., which has varied landscapes of gambling laws. Of those, crypto wagers represent particularly gray areas. Federal law does not directly ban online gambling or the use of digital currencies for wagering, but it does grant a degree of latitude to states in creating their own rules.

Cryptocurrency use is slowly but surely gaining traction in states like Nevada or New Jersey, where gaming is not only legal but a staple and a huge industry. Still, it’s far from mainstream, and operators need to jump through hoops to offer these services.

On the other hand, some states, like Washington, have strict anti-gambling laws that make it illegal to place any type of online wager, let alone with digital currencies.

So, if you’re in the United States and considering a bet with Bitcoin, the best thing you can do is first check your state’s laws, as what might be perfectly legal in one could land you in hot water in another.

European Market

Across the Atlantic, Europe begets a more welcoming, though complex, environment for crypto wagers. The European Union has never adopted any unified stand on this matter, and this is left to individual countries.

In the United Kingdom, which has one of the world’s most regulated gambling markets, wagering with cryptocurrencies has been allowed but closely followed. Licenses should be granted by the UK Gambling Commission.

They’re required to follow strict anti-money laundering and know-your-customer protocols. The purpose is to offer consumer protection while making sure this field does not become a haven for people to conduct illegal activities.

Countries like Malta and Gibraltar, being friendlier to their regulatory demands, have opened up their arms towards cryptocurrency bets. Both of them host a considerable amount of online casinos and betting sites that support digital currencies, making them a big hub for gamblers.

But the rest of Europe is not exactly on board: Germany, for instance, has legislation so complex that for all practical purposes, online gambling operators, including those trafficking in crypto, can’t secure the requisite licenses. France has also adopted a more measured approach, applying heavy regulations to both cryptocurrency and online casino activities.

Asian Market

While Japan is very progressive in its approach to cryptocurrency, there are hefty restrictions on online gambling. Nothing forbids explicitly the use of cryptocurrency to gamble, but the legal grey area generally keeps most Japanese gamblers to more traditional forms of wagering.

South Korea is another big player in crypto, with very strict laws against gambling; this makes online bets illegal. However, there is a growing underground market for these wagers, particularly where eSports is concerned – the area in which the country currently dominates globally.

China, on the other hand, has taken a hardline approach. Gambling on the mainland is not the only illegal thing, using and mining cryptocurrencies has been cracked down upon by the government. That practically makes conducting legal crypto gambling on its territory impossible.

However, Macau is a Special Administrative Region of China with different laws, and together with Hong Kong, is among the few places in Asia where one can gamble legally-even there, crypto wagers remain a grey area.

What Future Holds for the Crypto Gambling?

So, where does all that leave us?

The legal landscape for crypto wagers is in a continuing state of evolution. If current trends are anything to go by-will likely remain a patchwork of regulations well into the foreseeable future. As more countries start taking notice of the potential benefits of digital currencies, there may be a gradual movement toward more standardized regulation.

But until then, if you are going to different places, do your homework. Knowing what the law states in your country will be important in ensuring that your bet does not get you into any legal trouble.