Hey, I'm from Canada. Crypto isn't really regulated by the government, but since you can turn it into cash, do crypto gambling sites need a license? Getting a license for an online gambling site costs a ton. Appreciate any insights!
License would vary or depend on your countries laws towards gambling.You can operate freely if theres no such jurisdiction.
On the other side, players or gamblers do much prefer on playing to sites that do have licensed compared to those who havent.
Anymore other questions lying around because I'm a little bit familiar when it comes to gambling licenses and how it works? Not unless your country like the U.S. doesn't recognize international e-gambling licenses expect that your country can allow gambling sites that are legally license internationally. Just like what a lot of crypto-gambling sites are doing right now where they are getting their licenses in Curacao because it's the most easiest way for you to set up your gambling site legally and is recognized by a lot of countries. If you find it hard to obtain a gambling license in Canada then maybe obtaining one in Curacao would be your best alternative, I also think that the cost is way cheaper there. The catch is your office should also be based there which I think will be a bigger part of the cost.
Gambling sites that don't have a license are illegal by law and therefore risk being shut down by regulating bodies where you as player will lose all your funds. This is why people prefer licensed (legal) gambling sites.
I haven't heard yet of a country where you can 'freely' (legally) operate without a license. It would be a total mess would that be the case. This type of business model is a ticking time bomb and therefore better to not touch.
Are there countries that allows them to operate freely without a license?
If that is so and if you're satisfied with the answers that you've found, you should lock this thread.
Normal procedure is that every establishment will required license to operate therefore no matter of what currency that they will going to use they will be required to provide permit to operate. Except if there is a special privilege on crypto users thru regulation then that will be good but better if you will ask directly your amusement bureau to ensure the legality of the gambling site.
Accepting payment in BTC will not change the nature of the service you offer. For example, if buying cigarettes is allowed in your country, paying with dollars or BTC will not make a difference.
The difference will be how to charge and verify customer identities.
So you should ask a lawyer about the normal setting up of a gambling site in your country and there will be no legal difference in the payment method.
I don't think BTC trading is banned in Canada.
I have seen that crypto gambling sites are among very profitable , they are ton which are advertising here on daily basis.
They are a grey area, I think that this question taken to court could be a long debate. In general it is way cheaper to make a crypto gambling site than a fiat one.
Thanks everyone for your info. the info i found in search is that i need a license for crypto gambling sites. in other forums i found out about permits so i might need both. Im going to do a free gambling instead which means members will just have to complete offers to win abit of crypto. This way I wont have to worry about license stuff. if i do a real gambling site in the future, i want to do a gambling site that doesn't make members go bankrupt like a lotto site or raffle site.
Harlot- I thought of Curacao license but their site says it's not real gambling license so im confused. I can't afford even the cheap ones.
hi Gambling sites have to get customer personal details? i thought email and crypto address was enough. I dont like to ask for members personal details.