If the first technological revolution in gambling occurred in the 1990s with an explosion in virtual gambling, might crypto bring about the next gambling revolution?
Before racing off to create new gambling products in crypto or accepting payments in crypto, gambling firms should consider how that might be captured under the existing legislative and regulatory framework and what some of the challenges and opportunities might be. There are four key areas to consider:
- risk assessments and customer due diligence
- due diligence on the crypto itself
- whether additional registration is needed under the MLRs 2017
- pricing, payout, and management of stakes held in crypto
For the full discussion of these topics, please see the original article published in Gambling News.
It is well known that criminals may use gambling and gaming websites to launder crypto representing the proceeds of crime.