Liberalization of cryptocurrency in Ukraine - attractiveness for Gambling ?!

[DrBeer]

At the moment, Ukraine has already adopted laws that significantly liberalize the position of the cryptocurrency in the domestic market. There are many plans to further expand the ability to apply and use cryptocurrency in different areas of the economy. Considering that the gambling business (casinos, slot machines, etc.) in Ukraine is also well developed and formalized, what can you say about the investment potential of Ukraine for the Gambling direction?

- Are you ready to potentially play on sites that will be located, or will be registered, in Ukraine?
- To become a key set of "features" for you that would attract you?
- What will be negative for you when placing gambling sites in Ukraine?

[YOSHIE]

what can you say about the investment potential of Ukraine for the Gambling direction?

If I'm not mistaken recently the Ukrainian government has set a tax for all gambling activities which has been set at 10% of all forms of gambling activities, whether this is the effect of crypto being illegal in Ukraine or there are other factors, Obviously it's been validated.

What I want to say is: in Ukraine there are several gambling casinos that I know are growing quite rapidly there, although there are pros and cons, it's a common casino thing I know like: Billionaire Casino, Casino Slots City, Sports Poker Club, Kyivcasinos and many others, on the positive side if crypto is legalized for the Ukrainian people, it will make it easier for every online casino in Ukraine to promote their site by facilitating digital currency for bettors, that's a positive side, I'm not talking about a negative side.

Conclusion: something new life has been found in Ukraine both about crypto investing and in the world of online gambling, I hope Ukraine can grow the economy back by adopting crypto and changing gambling rules, a good start.

[DoublerHunter]

^ Yes, there is an existing discussion about the Ukraine tax proposal on this thread https://bitcointalk.org/index.php?topic=5342429.0 and I think this topic must move to the Gambling discussion board. However, in my own opinion regarding your question, this is a good start for Ukraine to boost its economy, we know that there are a lot of gambling businesses in the gambling industry and they are keep growing rapidly. Why not if we will try to play gambling sites that are located in Ukraine, if the site is fully operated legally then that is fine for me.

[DrBeer]

what can you say about the investment potential of Ukraine for the Gambling direction?

If I'm not mistaken recently the Ukrainian government has set a tax for all gambling activities which has been set at 10% of all forms of gambling activities, whether this is the effect of crypto being illegal in Ukraine or there are other factors, Obviously it's been validated.

What I want to say is: in Ukraine there are several gambling casinos that I know are growing quite rapidly there, although there are pros and cons, it's a common casino thing I know like: Billionaire Casino, Casino Slots City, Sports Poker Club, Kyivcasinos and many others, on the positive side if crypto is legalized for the Ukrainian people, it will make it easier for every online casino in Ukraine to promote their site by facilitating digital currency for bettors, that's a positive side, I'm not talking about a negative side.

Conclusion: something new life has been found in Ukraine both about crypto investing and in the world of online gambling, I hope Ukraine can grow the economy back by adopting crypto and changing gambling rules, a good start.

In Ukraine, historically, the attitude towards cryptocurrencies and the gambling market has been quite soft and loyal. Now, the cryptocurrency has actually received the green light for use, in almost any direction. And it seems to me that the combination of cryptocurrency + gambling is a huge potential both for the development of direct business (casinos, etc.) and related "service" ones, and of attracting investments by itself.

[ipanks]

Many gamblers are ready to play on sites located in Ukraine as long as those sites do not have complicated rules and do not apply KYC for crypto players. As I said, if gamblers know the site does not require KYC, they will try to play on that site and maybe if they can feel comfortable playing on that site, they will stay for some time.

The negative thing that can happen is that people from other countries can slowly become addicted to gambling, which can trigger a new problem for their government. But that will depend on each gambler and if they can have self-control, they do not have to worry about that.

[DrBeer]

^ Yes, there is an existing discussion about the Ukraine tax proposal on this thread https://bitcointalk.org/index.php?topic=5342429.0 and I think this topic must move to the Gambling discussion board. However, in my own opinion regarding your question, this is a good start for Ukraine to boost its economy, we know that there are a lot of gambling businesses in the gambling industry and they are keep growing rapidly. Why not if we will try to play gambling sites that are located in Ukraine, if the site is fully operated legally then that is fine for me.

It seems to me that in addition to the legalization of crypto, some of the existing potential in the gambling market, there is also an excellent development school in Ukraine. The result is a "complete set" for a good start, for the construction of a new, comprehensively attractive, international site, similar to such gaming locations as for example Malta, Gibraltar, the Isle of Man and the like.

[Pmalek]

The location for a cryptocurrency casino is not that important. I doubt that many players even know where the online casinos they play at have their headquarters. A casino can become trustworthy with or without a gambling license, and I have never heard of a Ukrainian gambling provider that deals with crypto. Usually, when gambling licenses are acquired, the platforms have to conduct stricter security checks of their players. That doesn't suit those who play with crypto. So, as long as anonymity is preserved and players aren't getting cheated, I wouldn't find it troublesome to play at an Ukrainian casino.   

[DrBeer]

Many gamblers are ready to play on sites located in Ukraine as long as those sites do not have complicated rules and do not apply KYC for crypto players. As I said, if gamblers know the site does not require KYC, they will try to play on that site and maybe if they can feel comfortable playing on that site, they will stay for some time.

The negative thing that can happen is that people from other countries can slowly become addicted to gambling, which can trigger a new problem for their government. But that will depend on each gambler and if they can have self-control, they do not have to worry about that.

The KYC issue goes beyond local legislation and is part of international legislation aimed at obtaining illegal profits, concealing income, money laundering, etc. illegal actions. It is not believed that officially licensed online casinos will risk violating such laws, which is highly likely to lead to the revocation of the license, at least, and at most also fines. I understand that anonymity is one of the unique advantages, but this property contradicts the KYC, unfortunately

[DrBeer]

I do not yet fully understand what will be offered by the casino casinos in Ukraine. Can it give us leeway on our identity, or is it as already mentioned that this business still applies KYC. As someone who lives outside Ukraine, we are not fully aware of the rules that apply to outsiders when they want to gamble, do they have any different rules?

In this case, the advantage for migrating / opening a casino will be:
- tax holidays for gambling business
- the official status of the cryptocurrency (as an additional tool in the world of gambling)
- very comfortable tax rates

[ipanks]

Many gamblers are ready to play on sites located in Ukraine as long as those sites do not have complicated rules and do not apply KYC for crypto players. As I said, if gamblers know the site does not require KYC, they will try to play on that site and maybe if they can feel comfortable playing on that site, they will stay for some time.

The negative thing that can happen is that people from other countries can slowly become addicted to gambling, which can trigger a new problem for their government. But that will depend on each gambler and if they can have self-control, they do not have to worry about that.

The KYC issue goes beyond local legislation and is part of international legislation aimed at obtaining illegal profits, concealing income, money laundering, etc. illegal actions. It is not believed that officially licensed online casinos will risk violating such laws, which is highly likely to lead to the revocation of the license, at least, and at most also fines. I understand that anonymity is one of the unique advantages, but this property contradicts the KYC, unfortunately

Maybe those casinos need to modify the KYC process or verification to work globally, especially for a casino website that hosts in Ukraine or maybe changing their whitelist countries for gamblers who want to play gambling on their site. Hence, there is no chance for gamblers on the blacklist countries to play gambling on that site. I do not think that licensed online casinos will violate their regulations because they will get a warning from the country.

[avikz]

- Are you ready to potentially play on sites that will be located, or will be registered, in Ukraine?
- To become a key set of "features" for you that would attract you?
- What will be negative for you when placing gambling sites in Ukraine?

If a country is favorable towards a certain activity, then I don't see any issue for the players not to play on an Ukraine based casino. Especially in crypto gambling market, where reputation holds the highest standard than anything else.

But I believe Ukraine has some legal limitations of language. In an .uk domain, the contents must be written in Russian. Also if a website is being hosted from an Ukraine based server, the same limitation applies. That might become a blocker to reach the rest of the world.

[poldanmig]

Conclusion: something new life has been found in Ukraine both about crypto investing and in the world of online gambling, I hope Ukraine can grow the economy back by adopting crypto and changing gambling rules, a good start.

Until now, cryptocurrencies in Ukraine still do not have official legality from the government, although their citizens have been allowed to buy or exchange them on exchanges, they are not allowed to be used as a means of payment and this is not much different from what happened in my country.
If ukraine officially legalized cryptocurrencies of course they would be the fifth country to have officially adopted bitcoin in their country's laws after El Salvador, Cuba, Germany and also Panama, but from some of the news I got, if the law is still in draft even though it gets a unanimous vote in their parliament, it is reported that the Ukrainian government will pass the law in 2023.

[DrBeer]

- Are you ready to potentially play on sites that will be located, or will be registered, in Ukraine?
- To become a key set of "features" for you that would attract you?
- What will be negative for you when placing gambling sites in Ukraine?

If a country is favorable towards a certain activity, then I don't see any issue for the players not to play on an Ukraine based casino. Especially in crypto gambling market, where reputation holds the highest standard than anything else.

But I believe Ukraine has some legal limitations of language. In an .uk domain, the contents must be written in Russian. Also if a website is being hosted from an Ukraine based server, the same limitation applies. That might become a blocker to reach the rest of the world.

You have a slightly incorrect information. I will discard the unnecessary part, I will voice only the necessary one - the site DOES NOT HAVE to be ONLY in Ukrainian. If the site is international, the Ukrainian version should be present, but it does not have the status of the only one! In Ukraine, the state language is Ukrainian, but all other languages are not prohibited and are freely circulating. Especially in relation to private business and an international project. So there has never been a language problem in Ukraine!

[DrBeer]

Conclusion: something new life has been found in Ukraine both about crypto investing and in the world of online gambling, I hope Ukraine can grow the economy back by adopting crypto and changing gambling rules, a good start.

Until now, cryptocurrencies in Ukraine still do not have official legality from the government, although their citizens have been allowed to buy or exchange them on exchanges, they are not allowed to be used as a means of payment and this is not much different from what happened in my country.
If ukraine officially legalized cryptocurrencies of course they would be the fifth country to have officially adopted bitcoin in their country's laws after El Salvador, Cuba, Germany and also Panama, but from some of the news I got, if the law is still in draft even though it gets a unanimous vote in their parliament, it is reported that the Ukrainian government will pass the law in 2023.

I do not see any particular limiting reasons for the cryptocurrency not to receive the status of a means of payment in Ukraine. Including in the status of a means of payment of bets and receipt of winnings. I am sure that in the next 1-2 years, packages of documents will be developed regulating the full use of cryptocurrencies on the territory of Ukraine, areas of application, restrictions, etc. that will form a complete legislative picture, understandable, transparent and attractive for investors.

[dothebeats]

There's really no problem for me at all, for as long as the platform that I'm using is duly registered and not involved in shady dealings and whatnot. Most of the time, gamblers only look for reliable providers/platforms and those that aren't shady before they start placing bets. Be it registered in Malta, Ukraine, the US, or anywhere, if the platform is honest enough, registered, offers good bonuses and has provably-fair games, I don't see people having any problems with it.

[alpamar99]

If I'm not mistaken recently the Ukrainian government has set a tax for all gambling activities which has been set at 10% of all forms of gambling activities, whether this is the effect of crypto being illegal in Ukraine or there are other factors, Obviously it's been validated.

What I know from several articles is that there are several polemics about this and the biggest one is that the Ukrainian committee said the final tax rate of 10% was too small to be a form of gambling control. The tax rate needs to be optimally set as a control policy over gambling legalization decisions that will take effect starting in the 2020 fiscal year.
this is not without reason because they think that "low tax rates are unjustifiable, because taxes [gambling activities] should be imposed with the aim of limiting consumption". directly means they legalize but still provide a little tax burden so that people there are not too addicted to gambling.

it will make it easier for every online casino in Ukraine to promote their site by facilitating digital currency for bettors, that's a positive side, I'm not talking about a negative side.

yes, this will greatly benefit them both in terms of finance and fame and it is not impossible with something like this it will add new gamblers there even though there is a tax but I don't think it will be a big problem because considering gamblers especially beginners only focus on profit only.
Even though there are many pros and cons, the policy has been made and passed, whether you want it or not, you just have to accept it gracefully.

[johhnyUA]

- Are you ready to potentially play on sites that will be located, or will be registered, in Ukraine?

Yep. This doesn't matter where gambling site is located. Most of them are also in offshores and other "gray" territories.

- To become a key set of "features" for you that would attract you?

Good poker rooms 
But it's really hard things to do for slav casino owner. Much easier is to create brainless slots and dice.

- What will be negative for you when placing gambling sites in Ukraine?

Slav mentality: Greediness is the major problem. 

[samcrypto]

- Are you ready to potentially play on sites that will be located, or will be registered, in Ukraine?
- To become a key set of "features" for you that would attract you?
- What will be negative for you when placing gambling sites in Ukraine?

What's wrong with Ukraine? If they legalize gambling and cryptocurrency that's a good news and if some gambling site offer a good services from that place then why not play? As long as you feel the security of your funds then you're ok, it doesn't mean where its located. We all wanted this, crypto adoption so there should be discrimination with regards to country origin, we all supported cryptocurrency and if its legalized, that can benefit all of us.

[Johnyz]

I do not yet fully understand what will be offered by the casino casinos in Ukraine. Can it give us leeway on our identity, or is it as already mentioned that this business still applies KYC. As someone who lives outside Ukraine, we are not fully aware of the rules that apply to outsiders when they want to gamble, do they have any different rules?

In this case, the advantage for migrating / opening a casino will be:
- tax holidays for gambling business
- the official status of the cryptocurrency (as an additional tool in the world of gambling)
- very comfortable tax rates

This is why we have to understand the ToS before playing on any crypto gambling site, if you feel unsafe then better not to play at all. There’s a pros and cons of legalizing gambling in Ukraine of course, and its for them to find out that because we are living outside Ukraine, but if they make legalize Cryptocurrency that’s the only time for us to get affected positively.

[uneng]

Have you heard about it? Former chair of Ukraine’s regulator arrested on bribery charges

News like this will impact the attractiveness for gambling companies in Ukraine. However, I can't say if the impact will be positive or negative. It can be positive as it's a signal authorities don't neglect corruption even in high spheres of power, assuring companies which might settle themselves there that they can count on the law forces to fight blackmail attempts from corrupt agents back.

Or it can be negative, if gambling businesses see these news as an warning to avoid getting involved with Ukrainian regulators, otherwise they might be blackmailed as well.

Personally I think news like this are positive for the country's attractiveness.


For gamblers, however, as it was already mentioned, casino regulation's origin country doesn't matter, since they are legit, offer good promotions, low house edge and a vast number of games.