The Importance of Licensing
In every business, some predefined rules guide the operations and processes of activities. The same goes for the online gambling sector. Gambling consortiums and/or government bodies create rules and licenses to ensure that there is uniformity in processes and that due diligence is done for all companies coming into the sector. These regulations and licenses not only protect players from fraudulent companies but also protect them from sabotage of their customer base by others trying to gain an undue advantage. It is important to get licensed to gain the trust of Gamers and also prevent compliance issues from government agencies.
Do Cryptocurrency Gambling Platforms Need a License
Some of the benefits of transparent and responsible gaming practices are:
- Trust: It is important to display authenticity to players, as licenses show legitimacy. Gamers are more likely to trust a licensed platform than one without.
- Fair play: Responsible gambling practices ensure that games are fair, without rigging or biasing certain players, thereby leveling the playing field. And to determine this, a license is required to show integrity in the best pokie games, live dealer games and their gameplay.
- Diverse payment options: Platforms that want to offer multiple payment options to players need to have licenses to do this. An unlicensed casino will not be able to get any partnerships with centralized payment options.
Top-rated Licensed Casinos
Reputable Jurisdictions for the industry
| Curacao | This South American country has been in the online betting business for a long time. And they are well suited for licensing because there is little bureaucracy, support for cryptocurrency payments, and low taxes for companies starting up. The process for getting a license is fast and efficient. |
| Kahnawake | Getting licensing from this nation is highly desirable because their gaming commission has a reputation for being firm about violations of responsible gaming and criminal activities. Also, they are open to cryptocurrency payments. Companies can enjoy 0% taxes as Curacao, however, the licensing process takes a little longer. |
| Malta | Malta is the most reputable country in the world in terms of online gaming, however expensive. For a company that can afford the fees, it is a great investment. Malta is known to be the first country to create a legal framework for cryptocurrencies, and it is home to many crypto startups and exchanges. |
| Costa Rica | This country offers no licensing, although they support the growth of the cryptocurrency industry. Although challenging, one way to conduct online betting businesses from there is by incorporating a company as a crypto gaming company. Costa Rica is a great place for startup gaming companies to gain stability before going to other countries to get licensing. |
The Legal Landscape
Australia is big on cryptocurrencies, and they are seen as legal property. However, some rules and regulations guard the use of crypto, like the AML (Anti-Money Laundering) and CTF (Counter-Terrorism Financing) acts. These rules prevent the use of cryptocurrency to launder money or finance terrorism.
Any company that wants to offer gambling services in Australia needs a license. To get a license, the company needs to align with the ACMA (Australian Communications and Media Authority) and the NCPF (National Consumer Protection Framework). Even though there are no specific regulations guiding crypto casinos or gambling in general, all rules guiding cryptocurrencies are subject to the Corporate and ASIC Act.
Conclusion
It is important for all players to know if their chosen casino is licensed or not. A licensed casino will always have pros that outweigh the cons. Choosing Australian casino online that is regulated will protect gamers against cases of theft of assets, identities, and personal information.
Regulations serve as a cushion and evidence of the trust and authenticity of a casino. Players are also saddled with the responsibility to do research on the licensing jurisdictions and what they mean, and the extent of their guidelines so as to be safe.
