The Legitimacy of Crypto Start-Ups in the Entertainment Industry

Online casino Licensing
19 may 2021

Popular digital monetary units have generated widespread public interest in recent years. Cryptography financial modules are actively used in many areas of business.

The integration of Bitcoin casino software is a chance to expand the geography of customers, simplify transactions, and improve the security of virtual projects.

Bitcoin casino software: legal integration

Are Bitcoin and crypto gambling legal? Find out interesting facts on this theme after reading this article.

Start cooperation with Online Casino Market to achieve success in the domestic and international markets.

The Aspects Determining the Legality of Bitcoin Gaming

The topic of the lawfulness of the crypto entertainment business is of interest to many entrepreneurs around the world. Operators are ready to invest their resources in this promising direction of gaming.

The legislation around the Bitcoin casino industry has not yet formed. This sphere is pretty young. Some states have tried to influence cryptocurrencies. However, they have failed to control digital money to the full.

There are two reasons for this:

Data security

The use of the Pragmatic Play software in Bitcoin casinos eliminates the need to apply the services of intermediaries when making financial transactions.

This means that payment information cannot be made public. They are securely encrypted

The lack of linkage to a specific state

Bitcoin is the most mysterious currency in the world. It is still not known who is the founder of this monetary unit. Moreover, the crypto project was created without reference to a specific geographic area.

No state has sufficient powers to monitor financial transactions involving crypto instruments and establish any restrictions

Why Are Entrepreneurs Considering the Purchase of Bitcoin Projects?

Businessmen from different regions open crypto gaming websites due to the following advantages of digital currencies:

  1. Fast money transfers. Monetary transactions in cryptocurrency are carried out very quickly. The average waiting time is about 10 minutes. Of course, some operations may take longer. At the same time, most transfers are carried out instantly.
  2. The absence of risks. Blockchain technology is one of the most reliable and secure data protection methods. The usage of the Betradar software for Bitcoin casinos allow you to protect your clients' finances from potential threats.

The Nuances Associated with the Legalisation of Start-Ups

Should a bitcoin casino have a gambling licence? This question is of interest to entrepreneurs who have decided to start a business in the crypto gaming segment.

The legislation in the area of Bitcoin gambling does not imply a mandatory casino licence. However, most operators try to legalise their projects as quickly as possible. The availability of permission to provide entertainment services will help you create an image of an honest and trustworthy operator.

The acquisition of a turnkey casino with a licence will allow you to establish cooperation with time-tested providers of entertainment content. Influential brands are eager to partner with entrepreneurs who have all the necessary permits.

The presence of an online gambling licence will let you start beneficial partnerships with affiliates and other companies. Of course, online casino licensing is quite an expensive procedure. At the same time, obtaining permission from the gambling commission will help you ensure the stable development of your virtual start-up.

Which Jurisdictions Are Suitable for Entertainment Business?

Online casino licence for a gaming business

Explore the features of offshore territories that provide the possibility to buy an online casino licence:

Permitting in Alderney: Interesting Facts

Laws regulating Bitcoin gambling in this territory are marked by loyalty to foreign projects. Residents of other states can open a casino with a licence here on favourable terms.

An operator should contact the regulatory authority. After reviewing the conditions for obtaining a casino gaming licence, a start-up representative must prepare the necessary papers and pay state fees.

The gambling commission requests the following documentation package:

  • the copies of the company founders’ passports;
  • office lease or purchase agreement;
  • bank statements;
  • business plan for a future project, etc.

The local regulator issues universal gambling licences allowing operators to operate in any segment of the entertainment business.

Obtaining a Permission Document in the Dominican Republic

The Caribbean countries have a good reputation in the field of Bitcoin casino licensing. The gambling market of the Dominican Republic began to develop in the land-based segment. Initially, it was aimed primarily at foreign clients. Nonetheless, the widespread application of virtual services let the virtual segment attract a new audience.

In 2006, the authorities decided to start legalising online projects. Nowadays, each operator can buy the Yggdrasil game software or Bitcoin products from other brands and register his or her business in the Dominican Republic.

It is noteworthy that the gambling commission does not establish any restrictions on the use of different currencies. This means that entrepreneurs can accept payments and make pay-outs applying both traditional and digital monetary units.

The procedure for obtaining a permission document is fairly standard. It is necessary to prepare a package of papers, pay the obligatory charges, and wait for the decision of the regulator.

The Legalisation of Virtual Establishments in Curacao

This offshore zone has always been highly thought among entrepreneurs. How to get a Curacao licence? It is enough just to get acquainted with the requirements of the commission and provide the necessary documents.

Obtaining a permit on this island has the following advantages:

  • a minimum tax (about 2%);
  • no restrictions on the volume of financial transactions;
  • licence renewal once a year.

After purchasing the Golden Race software for crypto projects and legalising your establishment here, you will get the opportunity to interact with gamers from different countries.

The jurisdiction has been part of the Netherlands since 2010. This peculiarity allows operators who have registered their companies in this territory to work on the European market without violating the laws of this region.

Curacao's location in the Caribbean also let entrepreneurs cover the United States, Mexico, Brazil, Argentina, and other countries.

The cost of a permit depends on the scale and area of an entertaining start-up. The minimum price is $11,500. The most expensive licence costs about $50,000.

The Isle of Man as an Ideal Option for Operators

This territory is included in the list of Crown Dependencies. Gambling has been considered legal here since the 60s. The economic and political situation on the island has remained stable for many decades. These specifics make the jurisdiction an ideal choice for entrepreneurs.

If you have long been interested in how to start a Bitcoin casino on the most beneficial terms, you should think about legalising your business in this offshore zone.

The cost of a gaming licence issued by this territory is quite affordable even for beginners. An operator will have to pay one thousand pounds sterling for applying. If his or her request is approved, the entrepreneur will have to pay the cost of the licence — about 30 thousand pounds (and the same sum for the annual renewal of the document validity).

Tax rates for representatives of the entertainment business are rather loyal — from 0.1 to 1.5%. The amount depends on the scale of an enterprise and the volume of gross income. The greater the turnover of a firm, the less tax it pays to the treasury.

Receiving an Online Licence in Kahnawake

The location of this territory in Canada (province of Quebec) gives operators the possibility to promote their projects in the North American market. This region is renowned for its lucrativeness.

Representatives of different segments of the entertainment industry should provide their services under separate licences. The list of requirements for candidates seeking permission is rather extensive.

However, it contains some pretty standard items:

  • financial information;
  • the founders’ data;
  • the certificates confirming the satisfactory quality of content;
  • a business plan of an enterprise, etc.

The potential geography of start-ups registered here is not limited to Canada and the USA. Kahnawake is in high demand among businessmen working in Europe. Therefore, if you are interested in how to get a German licence, it is better to purchase a permit in this offshore zone. This is a more beneficial and affordable solution.

The cost of a document issued by this jurisdiction starts from 25 thousand Canadian dollars. This is a quite moderate price even for a small business.

The Main Things about the Legalisation of Crypto Online Portals

Bitcoin casino: legalisation of crypto online portals

If you are looking for a Bitcoin casino to buy, it means that you are on the right track.

Working in the crypto gaming segment promises numerous prospects for entrepreneurs:

  • no need for cooperation with financial institutions;
  • reliable data encryption while making money transfers;
  • the lack of strict control by regulatory authorities in any state;
  • the possibility to work with an international permission document.

Do you wish to know how to buy a gambling licence? Leave a request to specialists to get a free consultation on this issue.

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Author

Karen Fill

Gambling business expert at Online Casino Market

19 may 2021