There’s no better way to play online casino games than making the most of them with Bitcoins. With the increasing demands to this fun and advantageous way of casino gaming, Bitcoin Casinos burgeoned. However, nothing still beats the peace of mind when gambling not only in the legal way, but also gaming platform. Thus, if there are queries like, “Is Bitcoin casino legal in UK?” Bitcoin Casino Regulation must first be taken into account.
What is Bitcoin Casino Regulation?
It is no secret that there are countries, which already made their position about the use of Bitcoin like Russia, Thailand, Germany, and others. While some of them are positive about the use of this digital currency, there are also others that discouraged the use or even banned Bitcoin along with other cryptocurrencies. This is a defensive attempt by these countries to protect themselves from any sort of Bitcoin casino scam.
For those countries who have already illegalize the use of Bitcoins, definitely, Bitcoin Casinos or any other Bitcoin betting site are not allowed to operate and of course, their citizens are not permitted to gamble using this digital currency. On the other hand, for those countries, like Germany that considered Bitcoin as ‘real money’, seeking regulation from a legal authority is a must with Bitcoin-based businesses like Bitcoin Casinos. Given this, players can be assured that the Bitcoin betting site they are in adhere to stringent standards to prove that it is legit, fair, and trustworthy.
Moreover, the majority along with the U.S. and UK are still drafting their final stand on the legality of Bitcoins, in which the regulation of Bitcoin Casinos heavily relies. While the regulation of this digital currency is still on process, a lot of Bitcoin casino review sites tell that there are still Bitcoin gambling sites that are allowed to operate without pursuing license or regulation from legal officials. Once a certain law on Bitcoin is implemented, Bitcoin Casino operators and players in that certain country must obey to these set of rules.
Currently, New York State’s top financial regulator has detailed his plans to hopefully regulate Bitcoins this year. According to Benjamin Lawsky, New York’s financial services superintendent, ‘BitLicenses’ must be issued to companies dealing with Bitcoins. So far, this is the most momentous step for Bitcoin Casino Regulation.