E-commerce is among the leaders in the development of the modern digital environment. The majority of payment gateways utilise fiat money, but cryptocurrency has recently gained enough momentum to create a tense rivalry.
Let us introduce to you how the iGaming industry has met the newly appeared method of transaction. The major question here is the legality of such currency and licensing of the casino business using crypto.
Essence of a Gaming Site with Innovative Payment Means
As of the end of 2021, the most popular digital token is Bitcoin. Establishments that use BTC and other crypto are distinct from the common clubs mainly with the available payment instruments, asking for digital coins, not fiat money. Otherwise, such gaming platforms are functionally similar to ordinary gambling sites: same entertainment, interface, promos, and access in general.
The main feature of crypto casinos is a link of players’ accounts with dedicated wallets where all coins are stored. Transactions with tokens are conducted prompter than processing in fiat money, which has become one of the main advantages of such establishments.
More benefits of working with cryptocurrency in gaming clubs:
- high efficiency of payments;
- lack of wagering limits;
- ability to conceal the identity and no chance to track income;
- an open Blockchain system, allowing to control the honesty of gaming processes;
- no problems with withdrawing money and making deposits;
- minimum commission for sending assets;
- trustworthy Bitcoin casino software providers, offering uniquely designed content;
- high security of transactions;
- no required verification.
Particular attention should be drawn to the last point. The venue with crypto payment possibilities is an anonymous institution, where verification is not mandatory. Since the owner of the club is not obliged to ask for the client’s data (including the account number in the bank), the issue about the legality becomes open.
Certification: Yes or No
An operational permit is necessary to open a corporate account with a bank or other financial institution. It allows working officially with payment gateways that support fiat money.
Meanwhile, when a gambling site asks for crypto tokens as deposits, all transactions can be completed without the involvement of third-party services. Transferring funds is almost instantaneous. The assets move straightly between punters’ and casino’s wallets.
Therefore, the need to obtain a gaming licence disappears since no financial facilities are involved in the process. As a result, when it comes to running a gaming club with tokens, a licence is optional.
On the other hand, many punters see BTC sites similarly to conventional web casinos. They want to have guarantees that they spend their funds safely and are completely secured with their rights. Besides, if your crypto platform includes even one fiat payment service, you still need an official permit.
So, why it might be a good idea to legalise even a crypto gaming project:
- A licence becomes an important marketing tool that boosts players’ trust and significantly increases the site’s reputation.
- An official working permit allows establishing fiat money as an alternative payment method for people who are used to it.
- The lawful operational allowance automatically puts the operator and his gaming establishment into the list of honest brands, filtering away from suspicious activity.
So, if an operator is faced with whether to obtain a working permit or not, it all depends on the personal preferences of the manager and the aims of his project. In any case, it is possible to organise a fruitful working process with a crypto casino.
Finding a Trusted Service Provider
If you are searching for a reliable assistant, 2WinPower might be the studio you are looking for. The aggregator offers convenient turnkey solutions, including the elaboration of the crypto establishment. Moreover, the juridical department of the firm will acquire the necessary licence if needed.
Reach out to the client service of the aggregator for further investigation and order the solution you are most interested in.