The iGaming industry is getting ready to meet new cryptocurrency regulations
The online gambling industry has been flourishing in Gibraltar for many years. Because of the relaxed regulations and special corporate tax legislation, Gibraltar has been the center of the leading jurisdictions in this business. In general, gaming businesses, online casinos, and sports betting sites have been encouraged to innovate and grow in Gibraltar.
Nowadays, more and more often the word "cryptocurrency" has been heard around, mainly in the comments of online events. Actually cryptocurrency is a digital currency such as Bitcoin. It exists only in online space. There isn't any bank system which processes this currency. But these currencies exist in the virtual wallets, grow and fall in value. For now it is still too complicated, but the fact is that these fast growing currencies can be found currently at many top online casinos.
It is still extremely complicated to be called a global norm, but using cryptocurrency might be currently the most secure way to spend your cash earned online.
Cryptocurrencies around the world
The new 2018 has started in Gibraltar with new rules regarding the cryptocurrencies. And this will be probably the first step to capital changes in the industry connected with gambling and online casinos.
The Regulatory Framework of the Digital Ledger Technology (DLT) has been recently created in Gibraltar. Its duty is to create regulations regarding cryptocurrency. The main target is the protection of the businesses and the players who accept the new digital currencies. The Financial Services Commission of Gibraltar (GFSC) will probably start licensing the companies that store and transmit cryptocurrencies. They are looking for new interesting and innovative ideas with license applicants to protect the currency that could be put to good use.
The law makers in Gibraltar try to find a working balance between those that play and those that earn money from those players. Online safety and winning opportunities can both expand only with that balance.
And we are impatient to see what all these regulations will bring to the business and the reactions of the iGaming industry regarding all these new changes.