government's traditional laws can't handle Gambling+cryptos

[fiulpro]

I found this article online:
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators

In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.

The ability to sell bets/shares between users was something the company put in place immediately, but it did so without any permission. This is a feature that sits outside gambling regulation and is something the Commission would be likely to refuse and had done so before,” remarked Rhodes.

The commission cannot monitor the site continuously. Their framework does not allow to do so. How at the end the public is criticizing them about their age old traditional methods to try and control the gambling.

But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.

Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

What do you think about this particular article??

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[paxmao]

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

[madnessteat]

In many states that have adopted cryptocurrencies over time will create a regulatory framework and regulators will be forced to create special departments specializing in cryptocurrency analysis. In my opinion, it is a matter of time because technology always develops faster than legislative and regulatory institutions can react to it.

[AicecreaME]

Government only knows old school, cryptocurrency is entirely out of their league since all they know is how to make laws and how to steal money from people without getting in jail for such actions. Government are having a hard time to regulate gambling sites that are using cryptocurrency and not fiat, it's a new thing to them which they will need a lot of time to think about how to make new laws about it.

If they succeeded on doing so, for sure it will contribute a lot in the economy and hopefully they'll use it in the right way.

[michellee]

They really need to adapt their regulations or modify them so that they can apply to cryptocurrencies. They do not give attention to cryptocurrencies because they are busy with their problem. So when cryptocurrency boomed in 2017-2018, they just realized that something new was already coming to their country but were not aware of that. They are late to get involved in crypto, but with their resources, I am sure they can adapt without a problem and have regulations related to cryptocurrencies.

Suppose the government wants to regulate the crypto gambling site. In that case, they need to learn crypto before they make new rules for the crypto casino as that will be different from the regular casino they already handle.

[Lucasgabd]

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

yes, Snowden says that technology will always be 2 to 3 generations ahead of regulations
once they figure it out completely there'll be new technology and possibilities going on that they'll have to catch up

maybe one day this will change, but I don't think so

[Wexnident]

But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

Perfectly describes what most countries are doing with regards to crypto in general, heck even gambling imo. I can't blame them though, crypto suddenly just slammed to them like a few years ago, no one really expected much (from their side) when cryptos originally came out a decade ago. The government needs to regulate cryptos in general first before actually making specific regulations for crypto gambling, especially since they themselves don't even know where to put, in this case, sorare, be.

[KTChampions]

I would not be very optimistic about the fact that cryptocurrencies can fundamentally change something (at least at this stage of development). It is enough for governments that they control fiat, which means all crypto-to-fiat gateways. This means that, if they wish, they can receive all the data necessary for KYC and taxation.

[dimonstration]

They really need to adapt their regulations or modify them so that they can apply to cryptocurrencies. They do not give attention to cryptocurrencies because they are busy with their problem. So when cryptocurrency boomed in 2017-2018, they just realized that something new was already coming to their country but were not aware of that. They are late to get involved in crypto, but with their resources, I am sure they can adapt without a problem and have regulations related to cryptocurrencies.

Suppose the government wants to regulate the crypto gambling site. In that case, they need to learn crypto before they make new rules for the crypto casino as that will be different from the regular casino they already handle.

This is somehow the downside when everyone in the position were old officials or not into technology. They should know to adopt in technology to improve their service and to apply it better for the benefits of their people. The scamming related in crypto in my country gives bad impact in many that fears them to adopt and buy bitcoin but if the government have their way to control it probably they will be able to get the benefit like allowing business related where they can put taxes and that government can have earnings from it.

[qwertyup23]

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

I somehow understand regarding implementing laws to prohibit cryptocurrencies, in general.

Due to its immense potential to a country, it would be relatively difficult to find that balance where you regulate gambling + cryptocurrencies and its effects on the society. Like what you also mentioned, cryptocurrencies were created primarily against any control from the government. The fact that only a handful of legislations were implemented speak about the status of cryptocurrencies in general!

[Baofeng]

The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.

Also, legislation has always been quite slow on regards to newer technologies.

I somehow understand regarding implementing laws to prohibit cryptocurrencies, in general.

Due to its immense potential to a country, it would be relatively difficult to find that balance where you regulate gambling + cryptocurrencies and its effects on the society. Like what you also mentioned, cryptocurrencies were created primarily against any control from the government. The fact that only a handful of legislations were implemented speak about the status of cryptocurrencies in general!

The thing with crypto is that it is fairly young so obviously, it will be difficult for governments to really implement a regulatory framework around it. And as much as they try, it will be hard as we all know that there are no central authorities and everyone is free to used a gambling platform as long as you are 18 years old and above (although there are cases that as young as 10 can play because it's hard to control and it's really up to the parents and guardians to look after their kids). For me there should be some middle ground, for crypto sports bookies and government, but not sure how it is going to be implemented.

[wxa7115]

But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.

Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

What do you think about this particular article??

Regulators are always behind the new technologies as at first they need to watch the effects of something before they decide what to do about it, so just by nature they are always behind the times, however when we think about the fact that cryptocurrencies are specifically designed to resist their censorship then they are at a complete loss about what to do about it.

After all whatever they do they lose, if they leave the market unregulated then they lose by default, but if they try to regulate it then most likely they will fail and will look incompetent, just like what is happening to those regulators that do not know how to deal with this.

[fiulpro]

I would not be very optimistic about the fact that cryptocurrencies can fundamentally change something (at least at this stage of development). It is enough for governments that they control fiat, which means all crypto-to-fiat gateways. This means that, if they wish, they can receive all the data necessary for KYC and taxation.

They already receive all the data from cryptocurrencies as well. The moment you add your details anywhere, the moment you convert it into fiat and vice versa, you are already giving them opportunity to track you down..even some of the gambling sites now are lacking privacy, whole idea behind cryptos was financial freedom, but I do think this is not only scaring governmental authorities but it's also helping other areas as well. At least now the government is realizing that they need to change something. Putting heavy taxes and earning from them is not the way to regulate, it's a way of earning through them. For regulations and to make sure these things are systematically integrated, you do need to see beyond profits, which undoubtedly is very hard for them, for example in UK the government had tons of probelms regarding the government officials accepting bribe from the gambling companies.

[izsara]

I would not be very optimistic about the fact that cryptocurrencies can fundamentally change something (at least at this stage of development). It is enough for governments that they control fiat, which means all crypto-to-fiat gateways. This means that, if they wish, they can receive all the data necessary for KYC and taxation.

but even so I don't think it will eliminate the fact that regulations lag far behind technology and technology will always be ahead of the rules they make. and what is happening at this time crypto is included in one form of technological sophistication and they will not be able to pursue it even if accompanied by strict rules and taxes, crypto is still always in front of them and it is very difficult to follow it

[avikz]

I would not be very optimistic about the fact that cryptocurrencies can fundamentally change something (at least at this stage of development). It is enough for governments that they control fiat, which means all crypto-to-fiat gateways. This means that, if they wish, they can receive all the data necessary for KYC and taxation.

but even so I don't think it will eliminate the fact that regulations lag far behind technology and technology will always be ahead of the rules they make. and what is happening at this time crypto is included in one form of technological sophistication and they will not be able to pursue it even if accompanied by strict rules and taxes, crypto is still always in front of them and it is very difficult to follow it

Regulations are build around an existing concept. So there's no way that an existing regulatory framework will cover future innovations. It's stupidity to expect it. Regulations are usually made by government bodies and beaurocrats who are not visionaries.

Just take a  example of bitcoin itself. Since it is not a traditional asset, many governments are finding it difficult to regulate. So they are debating on what kind of regulatory framework can be designed for it. So we must not expect that every new innovation will sit under the existing regulatory framework.

[Sterbens]

Until then the government will have a hard time controlling crypto gambling, unless they shake hands with casinos and take their share just to make it official that it is allowed as long as the casino tax against the government comes in every year. That is if the two of them synergize with each other. There is nothing wrong if their income can be supported and can be protected under government policies that officially grant freedom to operate in its territory as illegal crypto gambling.

[Fortify]

I found this article online:
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators

In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.

The ability to sell bets/shares between users was something the company put in place immediately, but it did so without any permission. This is a feature that sits outside gambling regulation and is something the Commission would be likely to refuse and had done so before,” remarked Rhodes.

The commission cannot monitor the site continuously. Their framework does not allow to do so. How at the end the public is criticizing them about their age old traditional methods to try and control the gambling.

But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.

Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.

What do you think about this particular article??

I think such sites need to be very careful with how they operate, because we see governments around the world are very capable of controlling or restricting access to certain sites around the world and such sites are not as untouchable as the article might suggest. However, most governments do not care that much if their citizens pour their cash into these type of gambling sites - sure they'll try to take a cut where they can impose it within their borders, but the only time they're usually interested in many jurisidictions is being able to tax large winning amounts. The football index you describe is a "novel" form of betting, which is akin to trading cards or NFT's but is not really a new idea, people have just found a new way to market an old product under the guise of being crypto related. It most definitely can be judged under existing securities or currency laws in most countries.

[KTChampions]

I would not be very optimistic about the fact that cryptocurrencies can fundamentally change something (at least at this stage of development). It is enough for governments that they control fiat, which means all crypto-to-fiat gateways. This means that, if they wish, they can receive all the data necessary for KYC and taxation.

They already receive all the data from cryptocurrencies as well. The moment you add your details anywhere, the moment you convert it into fiat and vice versa, you are already giving them opportunity to track you down..even some of the gambling sites now are lacking privacy, whole idea behind cryptos was financial freedom, but I do think this is not only scaring governmental authorities but it's also helping other areas as well. At least now the government is realizing that they need to change something. Putting heavy taxes and earning from them is not the way to regulate, it's a way of earning through them. For regulations and to make sure these things are systematically integrated, you do need to see beyond profits, which undoubtedly is very hard for them, for example in UK the government had tons of probelms regarding the government officials accepting bribe from the gambling companies.

I think freedom is just about not being under the control of officials who can impose any crazy taxes and will force you to pay them. Therefore, on this point, I disagree with you. Cryptocurrencies were a big step forward, but for many years this step has been gradually being made back and the entire cryptocurrency sphere is just being incorporated into the fiat world.

[mindrust]

The gene is out of the bottle now. They cannot do about any of it anymore. They may bring laws and try to punish people that use certain crypto currencies but they will never be able to stop people 100%. Maybe it is best to ignore the situation and let the chips fall where they may. Maybe there isn't really a problem that is waiting to get solved by the governments this time...

[romero121]

Things have changed alot and now it has gone beyond the hands. Governments were having control over everything and now this isn't possible anymore. To this point they'll keep on discussing to create laws and force people follow it. Similar things happen quite often, but people who have used to it will continue through some way. Governments have fear and in today's news read about Indian government making statement on banning private cryptocurrencies as they can't be traced and gives complete anonymity to the users. This is an example why governments push themselves hard for regulatory framework.