Posted in Industry October 3, 2018
Uniform Standards for Cryptocurrency Use in Online Gambling
Cryptocurrencies and the use of Bitcoin as alternative currencies are gaining attention due to their privacy and fast transactions. However, the online gambling industry has been slow to adopt and use cryptocurrencies.
Also, read our previous post about this subject – “Will 2018 Be the Year of Cryptocurrencies in Casinos”.
Risks and ‘Grey Areas’ Hindering Adoption
While there are some online casinos and gaming portals that accept cryptocurrency, its use is not widespread. Lars Lien of LuckBox has shared his thoughts on why big banks are slow to embrace cryptocurrency for gambling. Financial institutions have the skills, but face challenges and risks that prevent them from fully embracing the technology.
So the reality is, right now, if you’re a big operator, you simply cannot use cryptocurrencies, because the payment processors and your banks will go, ‘Well, we don’t understand this from a compliance and AML [anti-money laundering] point of view. We’re not going to do it.’ And when you’re a large incumbent, you can’t take those type of risks.
Financial institutions play it safe to protect their interests, as there are no specific rules governing money laundering and fund transfers. Lien explains that large companies like Bet365, PokerStars, and Betsson are not willing to take risks for small gains.
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The Need for Uniform Standards
To encourage the use of cryptocurrencies in the online gaming industry, Lien suggests that uniform standards need to be established. These standards would ensure that cryptocurrencies are fully compliant with anti-money laundering regulations and that banks can trace the source of funds. Lien adds that transparency and cooperation among industry stakeholders are essential for large operators to support and adopt cryptocurrency in online gaming.
For more information on different casino payment methods, their requirements, and pros and cons, please read our complete guide!
