Is Crypto Gambling Legal?

Is Crypto Gambling Legal?

A cryptocurrency is a digital asset stored in a distributed ledger using strong cryptography which assures secure ownership and complete transactions record. 

Cryptocurrencies and blockchain technology are gradually entering the gambling sector with many online casinos providing the feature to play their games with Bitcoin, Ethereum, and other cryptocurrencies. Betting in cryptocurrencies is still a new thing but digital currencies have become increasingly popular among gamblers and gamers for several reasons, including fast transactions, high transparency, security, and privacy.

Through the revolutionary concept of provably fair gaming, crypto gambling wants to change the way people perceive the online gambling industry.

However, Is Crypto Gambling Legal?

There is no specific law regarding the legality of Crypto Gambling. It depends on the laws of your country. If online gambling with fiat money is legal in your country, then it’s more than likely that gambling with Cryptocurrency is legal too.In countries where gambling is legal, most currencies and payment options are accepted, fiat or not, but this doesn’t mean that cryptocurrency is legal too because some countries have placed restrictions and taxes on cryptocurrencies.Many governments still regard Cryptocurrencies as illegal, however as time grows, more countries and organizations are accepting cryptocurrencies. Countries such as Japan, Australia, China, Switzerland, Korea as researching and building government applications on  Blockchain technology, which is also the base of cryptocurrency. Various nations such as UK, Canada, France have no confinements against crypto gambling yet different countries are staunchly restricted to Crypto gambling such as America. The Unlawful Internet Gambling Enforcement Act (UIGEA) makes money-related exchanges from banks to crypto gambling sites illegal. Gambling licenses are absolutely required for Crypto gambling sites, for example, Casinos in the UK require a permit from the UK Gambling Commission (UKGC) to gamble online and use cryptocurrencies. This allows cryptocurrencies to be considered as “private money” and taxed. One of the features crypto gambling sites is the benefit of anonymity. This makes it difficult for authorities to trace players, and tax their winnings.

Here is the list of countries where Crypto Gambling is legal: 

1. UK

2. France

3. Turkey

4. China

5. Israel

6. UAE

7. Korea

8. Brunie

9. Cambodia

10. North Korea

Most of the Crypto gambling sites usually don’t apply any restrictions, no matter which country you’re registering from. So most of the time, players can freely play at these casinos. However, even when the country prohibits access to such sites, players are still using VPN to avoid blocking

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