European cryptocurrency restrictions

[mirq20]

Hi, is this the end of crypto bookmakers in Europe?

Well, I'm concerned about KYC and transaction tracking in the cryptocurrency world, which are to be in force from the new year.
Wanting to make a deposit using e.g. USDC, let's say on Stake. What in such a situation?

What about the sick gambling law that applies in my country. All crypto bookmakers are illegal.
Only those with a high tax on the player's side are available, which means that you are washed out from the start.

From what I know, every transaction is to be tracked.

How lost are we? Does it also look so hopeless in your countries? Is there any way out of this situation?

Let this European institution fall already.
I invite you to the discussion.

[criptoevangelista]

To continue playing legally (or not playing anymore) you need to comply with the regulations established in the country... But remember the fundamentals of bitcoin, what it is for and what it was created for and all the advantages of having bitcoins and using bitcoins... and your question will be fully answered... bitcoin is freedom, never forget that, Use it to free yourself from state constraints.

but remember all your choices have pros and cons.

[Slow death]

How lost are we? Does it also look so hopeless in your countries? Is there any way out of this situation?

My country's government is shit, poverty has been increasing in my country for years and I don't like the politicians and the government of my country, but at least they are in favor of gambling. They don't create barriers, on the contrary, they encourage casinos to come and operate here in my country and there are many casinos and betting houses that operate here in my country and fortunately we don't have any problems. My country's laws on gambling are very good. Of course, all people are required to do KYC to avoid cases of minors getting involved in gambling.

[Hispo]

What about the sick gambling law that applies in my country. All crypto bookmakers are illegal.
Only those with a high tax on the player's side are available, which means that you are washed out from the start.

It would be pretty much appreciated if you also provided some source of the news you are talking about, since there are many of us here in the gambling section of the forum who are to so much up-to-date with regulation concerns, specially from the European Union.
The little I have read or heard of is how they are going to start to put more regulations on stable coins, specially on USDT and favor USDC, since the latter since to be more aligned and comply with whatever regulators demands are...
I do not think this is going to be the end of crypto gambling in Europe, there is still a long path ahead before we can conclude there volume of Bitcoin and alternative currencies will come to zero within the gambling market within Europe, as it stands for now, regulators will push whatever they believe will help to fight Money laundering and unbacked stable coins. The important things is always to have a Bitcoin option, as it continues to be the most reliable Blockchain.

[Alphakilo]

Countries make laws for a reason. Gambling regulations are for a reason too. Online Crypto casinos make their own laws for a reason too.
We either comply with them or look for an alternative service to use. KYC have come to and there is hardly anything anyone can do. Those casinos that don't do KYC are restricted in their service.

If these bookmakers don't have these KYC requirements, the rate of gambling addictions will increase. Underaged gambling will increase.

[Adbitco]

There have been less strict measures to gambling in my country and like I know, one can Gamble without much restriction actually I can't guess correctly but our government has made mention of that for taxing gamblers but that has never come into implementation. So, for now we gamble without restrictions but however there are casino or betting site we are using we must obey their rules and adhesive to their anti-money laundry policies while gambling or using their site to bet games.

[Stablexcoin]

Dont be deceived cryptocurrency gambling cannot be shutdown. Of course there will be restrictions enact by the law makers and even the law makers will not keep to the law. The restrictions are for those who cant find alternative means to gamble. Just like cryptocurrency was restricted in my country but we still use it, invest in it and make transactions. Yet no one knows unless you decide to spit it out.

[batang_bitcoin]

There is a reason why the other stable coins have been made and that's why USDC and the others are also accepted in casinos. So, if they're dropping their USDT support, they'd simply turn to the other stable coins for everyone who likes to deposit and withdraw through stable coins, there's always an option. While it might hit them big at the start but everything is going to be neutralized and get used to this adjustment. Don't make it as something too big to be wary of.

[GreatArkansas]

Dont be deceived cryptocurrency gambling cannot be shutdown. Of course there will be restrictions enact by the law makers and even the law makers will not keep to the law. The restrictions are for those who cant find alternative means to gamble. Just like cryptocurrency was restricted in my country but we still use it, invest in it and make transactions. Yet no one knows unless you decide to spit it out.

Exactly! The only issue here is the stablecoin and it is the USDT. USDT in every casino platform is just an optional currency you can use to deposit or fund your account.
Very important is always check the news or terms of services of every casino we are using right now because there could be changes.

[Hispo]

Dont be deceived cryptocurrency gambling cannot be shutdown. Of course there will be restrictions enact by the law makers and even the law makers will not keep to the law. The restrictions are for those who cant find alternative means to gamble. Just like cryptocurrency was restricted in my country but we still use it, invest in it and make transactions. Yet no one knows unless you decide to spit it out.

I assume you must be from Nigeria, aren't you? I recall it is one of the countries where Bitcoin and other cryptos are used the most in order to survive the economical crisis going on there, the government tried to forbid Bitcoin and they failed to enforce such a ban against Bitcoin. I recall.

Either way, OP is not implying there will be a complete ban or restriction against gambling in the European Union, but rather a prosecution on Bitcoin and Cryptocurrency as a medium of exchange of value on internet casinos... Casinos won't go anywhere, that is pretty obvious, though as centralized organizations and governments feel the need to continue to grow their control over people's finances, it is going to get harder for us to use Bitcoin or decentralized assets in an anonymous manner, that is what is at stake.

[Apocollapse]

Why you need to be surprised, most of online casinos are illegal, just because you not find your country listed on restricted jurisdictions in casino's terms, it doesn't mean your country allow the citizen to gamble in that online casinos.

Although I'm not live in Europe, but my country also block online casinos, however I don't really care either because I obscure my source and claim it to be from other source.

Until now I have received no problem from banks, government or tax authority.

[kotajikikox]

My country's government is shit, poverty has been increasing in my country for years and I don't like the politicians and the government of my country, but at least they are in favor of gambling. They don't create barriers, on the contrary, they encourage casinos to come and operate here in my country and there are many casinos and betting houses that operate here in my country and fortunately we don't have any problems.

Same here maybe that is because they are also trying to gain some profit out of anything and that would include gambling houses. As long as that gambling house or platform is registered and would follow the requirements set by the country

My country's laws on gambling are very good. Of course, all people are required to do KYC to avoid cases of minors getting involved in gambling.

This is also the casino's way of making sure they can avoid any kind of abuse from gamblers like creation of multiple accounts or whatnot.

[ethereumhunter]

It is not the end of online crypto bookmakers in Europe. Online crypto bookmakers will adapt the new rules and will find a way out of the matters. There will be something that the online crypto bookmakers will do to solve this matters so we should wait for that. Meanwhile, you can moves to altcoin if you want because i think the government still allow their people use crypto to playing gambling.

You can use USDC or other stablecoins available on the casino so you can solve the matters without a problem. Let them search for the solution while we can still playing gambling.

[lovesmayfamilis]

The government will use all methods to subjugate cryptocurrency, but I am sure that at this stage, it is difficult. As long as they continue to ban crypto and invent more and more new tricks, we can use Bitcoin. Of course, to play with Bitcoin, we must be ardent fans of gambling, and we always have a choice to use it for investment or as an option not to obey the inventions of the government.

[Free Market Capitalist]

There have always been restrictions and there have always been those who have skipped them. There have been people betting in cryptocurrency casinos from countries where gambling has been forbidden from the beginning. Europe is not new. If you live in a country where gambling is regulated, asking for a country-specific license to operate before you could not bet in cryptocurrency casinos legally either.

And be careful to do so, because if you bet in a cryptocurrency casino you would have to read the ToS first, and there you will see that from your country you can not bet, which for many casinos is not a problem, they let you bet, but if you win a large amount and require a cashout they will ask for KYC, and will not let you withdraw for having broken the ToS.

[Kelward]

How lost are we? Does it also look so hopeless in your countries? Is there any way out of this situation?

My country's government is shit, poverty has been increasing in my country for years and I don't like the politicians and the government of my country, but at least they are in favor of gambling. They don't create barriers, on the contrary, they encourage casinos to come and operate here in my country and there are many casinos and betting houses that operate here in my country and fortunately we don't have any problems. My country's laws on gambling are very good. Of course, all people are required to do KYC to avoid cases of minors getting involved in gambling.

Same here, I won't give a thumbs up for the politicians in my country but where it concerns gambling, whether it's crypto or physical there's no issues. Although we're hearing about new regulations on gambling sites but I know that it'll be mostly on taxations, but so far the government is gamble friendly and we're enjoying ourselves.

OP could've shared a link to give us a better insight about the information so we can have a better understanding of the gambling situation in Europe. I believe that crypto gambling can't go extinct in Europe, bookmakers will have to comply to regulations there to remain in business.

[Dr.Bitcoin_Strange]

Well, I don't think we should be surprise about this, the government always like to employ their tricks to have control which is what is going on but there is always solution, you can use Bitcoin or any other coin that the casino permits, some exchange doesn't allow direct deposit from casino but you can withdraw to a self custodial wallet before sending your exchange. I know that no matter what, there will always be a solution.

[Davidvictorson]

The risk of not using KYC platforms for gambling is that one may pick a non KYC platform which is unregulated and carries even greater risks than when you use KYC platforms.
I found the Transfer of Funds Regulation (TFR) which I think is what the OP means but then I don't disagree with the regulations. It is for the good of crypto holders. Assuming you fall into a situation where you are the victim of crypto related incidence, this will help you easily recover your cryptocurrency back.
In my country, we don't have such regulation. There is an outright ban on any crypto transactions.

Transfer of Funds Regulation (TFR): https://www.idnow.io/blog/transfer-of-funds-crypto

[Saint-loup]

The regulation rules apply to the platforms, not to the customers, so if a platform is based outside europe and doesn't want to apply those rules, it's not your business. They could eventually be banned in your country or in europe but nobody would tell you anything, except if there is a special law in your country against gamblers.

[swogerino]

The regulation rules apply to the platforms, not to the customers, so if a platform is based outside europe and doesn't want to apply those rules, it's not your business. They could eventually be banned in your country or in europe but nobody would tell you anything, except if there is a special law in your country against gamblers.

So this mean we should not care as long as there are discriminating laws against gamblers in Europe, so far it is this way but this new framework lays the ground from our European institutions to do whatever they like and whatever in their power in order to stop gambling based on occurrences from this industry. So for an instance they can ask to ban every single gambling entity offline in the country when a couple of gamblers kill themselves in suicide, or whatever happening like the inflation is going up and people are losing money to gambling, let's restrict them, so despite nothing has happened so far the European Union is trying to be ready to prevent bad things from happening, this is how I read this.