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Recent years have shown a continuously increasing chance of regulation on crypto assets on a global scale. Some countries have already banned the use of crypto completely, while others have done the opposite. But what about entertaining crypto activities like gambling, will they be affected by regulations?
All over the world people are talking about cryptos and all the crypto-related activities such as NFTs and crypto gambling. As cryptocurrencies are becoming more widespread and their influence on a global economic scale, many countries are discussing the regulations of crypto. But what kind of effect will these types of potential regulations have on crypto gambling? If you’re interested, you can read more on the general regulations on crypto in different areas of the world here.
It seems like it is a matter of time before there will be more regulations on the crypto gambling area. In both the U.S. and the UK, it looks there will be provisions like tax reporting provisions coming up on all kinds of digital assets. This will most likely include NFTs and therefore Play-to-Earn gaming which is getting massively popular in these years. Also, crypto gambling will be affected by such regulatory measures. The question is in what way.
How and why is crypto gambling being regulated?
There is no way of knowing exactly what the regulations on crypto gambling will look like. But these regulations will be aimed at taxing these billion-dollar operators as well as securing consumer rights and making sure that gamblers are aware of the massive risk that comes with crypto gambling. The regulations are becoming needed as crypto has quickly gone from niche to mainstream.
Play-to-Earn and gambling on crypto casinos have become so popular that it is very unlikely that it will be completely banned in most countries. The double excitement of crypto gambling has captivated millions of gamblers all over the world. If you’re one of them, you will still be able to use your cryptocurrency to play online casino games even if it’s regulated.
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Crypto gambling has become mainstream
The gambling industry was one of the first to adopt cryptocurrency. There is no doubt that it is one of the most important sub-segments in the gambling industry. The biggest players in the crypto gambling world can easily compare to the biggest players of the regular gambling industry, which gives a very clear indication of how big crypto gambling has become. Sports betting with crypto is one of the activities that became mainstream first.
It will be interesting to see which types of regulations will be brought into the crypto gambling world. Especially if they will be focused on the issue of anonymity related to crypto trading, the consumer rights of players, or the tax provisions on crypto assets or the big players of the industry. It is hard to imagine any regulations so restrictive that they will decrease the possibility of gambling with crypto. Follow the development and other crypto news here.