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An overview of crypto regulations worldwide

Published

6 years ago

April 20, 2018

Niji Narayan

Photo credits: https://cream.technology

Reading Time: 4 minutes

There is no international consensus on how to regulate cryptocurrencies. Nevertheless, a global regulatory crackdown seems to have been gaining momentum, even though it does not seem to be achieving the intended results.

Take the case of China. Late last year, China introduced a series of strict new rules governing bitcoin and other cryptocurrencies, which effectively stopped virtual cryptocurrency exchanges and banned initial coin offerings (ICOs), which are the means by which new cryptocurrencies mobilise funds. It did not stop cryptocurrencies from circulating though. There is a booming underground ecosystem in China of bitcoin “mules” and illegal trade in cryptos.

Indeed, there is a legal grey area for global cryptocurrency industry, a situation arose from the stringent regulation by various governments. What further causes chaos in this domain is that the legislation varies widely across countries.

Here is a scrutiny of regulations around the world.

EU reacts warily

Crypto regulations across most of Europe remain in the pipeline, although certain countries have taken the lead by either enacting strict rules on cryptocurrencies – or welcoming them with open arms. In Brussels, the European Commission is still reviewing the bloc’s regulatory framework for crypto, and the European Securities and Markets Authority – which coordinates rules across the bloc – has proposed constraints on derivatives tied to virtual currencies for certain investors.

Meanwhile, at the state level, government responses to crypto regulations run the gamut. Switzerland, for one, has ambitions to become a “cryptonation,” and regulators have earned a reputation among traders as some of the friendliest in the world. Already, four of the biggest proposed ICOs have been based in Switzerland, where the financial authorities have clear guidelines governing the process. The country is also home to major blockchain companies like the Etherum Foundation and the crypto wallet company Cardano.

Like Switzerland, the government of Malta demonstrates an enthusiasm for virtual currencies and the blockchain technology they rely on, aiming to become a “global pioneer” of cryptocurrency exchanges.

Since the online gaming industry is hugely important to Malta’s economy, contributing 12% to GDP, the country’s online regulator is currently finalising plans to launch a regulatory “sandbox” that would allow online gambling operators to add cryptos to their list of payment options. The pro-crypto attitude is evidently paying off: just last month, Binance, one of the world’s leading exchanges, announced that they plan to move from Japan to Malta. The firm is joining a number of other blockchain-focused startups and online gaming operators that have already chosen the island as their base.

However, not all of Europe shares this pioneering spirit. For instance, France’s publication of a cryptocurrency blacklist demonstrates the proclivity for tight regulation shared by many of its neighbours. Paris also banded together with Berlin prior to the G20 meeting last month, calling for a harder regulatory line on cryptocurrencies due to their “substantial risk to investors.”

Asian lawmakers crack down

Most of the world’s trade in cryptos takes place in Asia, but the region is also home to some of the toughest digital currencies legislation – and not only in China.

In Cambodia, the National Bank considers “digital coins” illegal. More significantly in terms of global markets, the Bank of Indonesia has recently banned the use of cryptocurrencies as a payment tool. South Korea and Thailand also seem to be making moves in the direction of tighter regulation. In South Korea, ICOs have been banned, and although the government is still deciding how to legislate exchanges, it is likely that regulators will tighten oversight. The Philippines is also in the midst of drafting legislation that will tighten control over cryptocurrencies and India has recently dealt a blow to cryptos, banning the country’s banks from dealing in virtual currencies.

In contrast with its neighbours, Japan is an outlier in that the government has a reasonably positive attitude towards cryptocurrencies. The country is the world’s biggest market for bitcoin, and the digital currency is considered legal tender. Although Japan has introduced regulatory legislation, its licensing system is permissive in comparison to the rules of neighbouring countries. In many ways, Japan’s cryptocurrency legislation serves as a test case for future legislation worldwide, but last month’s suspension of two cryptocurrencies suggests that Tokyo might not have struck the right balance after all.

North America: still up in the air

The legal status of cryptocurrency has progressed slightly further across the Atlantic, but remains highly ambiguous. Even within the US, which accounts for 26% of crypto trading, regulators differ in their definitions of cryptocurrencies and their attitudes towards regulation. For instance, the Commodity Futures Trading Commission has a reputation as a crypto-friendly regulator, but the Security Exchanges Commission has been tougher in its crypto-related pronouncements. Currently, the agency is scrutinising crypto exchanges and has said it is looking to apply securities laws to exchanges and crypto wallets.

North of the border, Canada is poised to become a global hub for cryptocurrencies and is preparing a raft of new regulations, but some fear that the proposed regulations go too far. The government is considering amendments to anti-money laundering laws that passed in 2014, but some experts have expressed concerns that going further would stifle innovation in the virtual currencies sector.

Of course, many of these governments have legitimate concerns about the capacity for bitcoin to be used for foul play. And given the complexity of cryptocurrencies, it is understandable that lawmakers are reacting by enacting overly strict regulations – or delaying the imposition of any regulations at all. Yet if too many governments follow China’s example, they run the risk of driving crypto from a legal grey zone into the black market. And such a scenario is one in which nobody wins.

Source: business2community.com

Latest News

BOS agrees with KV’s/KO’s advertising assessment of “Trisskrapet” in TV4

Published

5 hours ago

April 26, 2024

Adrienn Sarkany

Reading Time: < 1 minute

The Swedish Trade Association for Online Gambling (BOS) agrees with the Swedish Consumer Agency’s (KV) and the Consumer Ombudsman’s (KO) assessment that the daily scratch card commercial “Trisskrapet” in TV4 is an advertising feature, and thus not an editorial feature. BOS welcomes that KO is now ending that part of the process.

If Svenska Spel does not stop the advertising elements, BOS looks forward to KV following up on its earlier call to Svenska Spel to comply with the provisions on advertising identification and broadcaster declaration in section 9 of the Marketing Act and the information obligation in ch. 15. Section 3 of the Gambling Act with information on the 18-year-old age limit and where to turn in case of gambling problems.

– The Swedish gambling market must be characterized by a high level of consumer protection. A cornerstone of good consumer protection is that people are clear about what constitutes gambling advertising, i.e. that they are not tricked into thinking that an advertising feature would instead be an editorial feature. The daily “Trisskrapet” on TV4 has been anything but clear on that point, and we welcome that KO now finally establishes that the features constitute advertising and nothing else, says Gustaf Hoffstedt.

– Now it remains for Svenska Spel to introduce the mandatory consumer protection labelling of Trisskrapet. Since the company has not shown any excessive eagerness to introduce this voluntarily, KO should ensure that this happens as soon as possible. Every day and every “Trisskrapet” that does not contain the mandatory consumer protection label is another lost day for a safe and secure gambling market, Gustaf Hoffstedt concludes.

Balkans

Expanse Studios Launches in Bulgaria with Inbet

Published

10 hours ago

April 26, 2024

Alan Campbell

Reading Time: < 1 minute

Expanse Studios, a leader in online gaming innovation, has secured a Bulgarian iGaming license and is now live on Inbet’s website. This expansion brings Expanse Studios’ popular game offerings including turn-based strategies gamified for iGaming, classic slots, traditional card games and the highly-acclaimed ones like Titan Roulette, Clown Fever Deluxe, Wild Icy Fruits, White Wild Whale and Joker Poker to Bulgarian players.

Diverse Gaming Portfolio Now Available to Bulgarian Players

With the Bulgarian market entry, Expanse Studios introduces a versatile gaming experience to Inbet’s platform. The offerings include a dynamic range of games tailored to diverse player preferences:

Turn-based strategy games: Leveraging gamification, these games transform traditional strategy gameplay into engaging iGaming experiences, suitable for both novice and experienced players.
Classic slots: Players will enjoy a variety of themed slots that combine traditional gameplay with modern graphics and sound.
Traditional card games: A selection of popular card games offer something for every card game enthusiast.
Titan Roulette: This standout feature, known for its immersive experience and innovative design, continues to be a favorite among roulette players.

Commitment to Quality and Compliance

Expanse Studios not only cultivates a diverse gaming library but also adheres to stringent regulatory standards to ensure a secure and fair gaming environment. The acquisition of the Bulgarian iGaming license is a testament to Expanse Studios’ commitment to compliance and excellence in the gaming industry.

The partnership between Expanse Studios and Inbet marks a significant milestone in Expanse Studios’ expansion efforts. By combining Expanse Studios’ innovative gaming solutions with Inbet’s established market presence, both entities are set to offer a superior gaming experience to players in Bulgaria and potentially beyond. As Expanse Studios continues to develop and release new games monthly, Bulgarian players can look forward to a continually evolving and enriching gaming landscape.

Latest News

Week 17/2024 slot games releases

Published

10 hours ago

April 26, 2024

George Miller

Reading Time: 5 minutes

Here are this weeks latest slots releases compiled by European Gaming

Belatra Games, the specialist online slots developer, is on point with its latest sharply designed game, Golden øks. This Norse-inspired adventure carries on from the popular Axe of Fortune title that hit the market at the turn of the year. Golden øks is set against a 5×3 layout and is brought to life with a powerful soundtrack to heighten the atmosphere.

Belatra grows games portfolio with Golden øks title

Endorphina, has announced the release of its brand-new title, Jolly Queen, which will join its portfolio on April 27th. Jolly Queen is a 5-reel, 5-row fruit slot with 50 fixed paylines, introducing players to the lifestyle of the nobles. On top of the aristocratic ambiance, Jolly Queen provides players with Free Games, allowing them to master the reels.

Endorphina releases its newest title - Jolly Queen!

Evoplay has released Candy Craze, a vibrant slot stacked with features and modifiers, including the powerful Gum Drop Multiplier which boosts win potential. Set amidst the backdrop of sumptuous sweets within a cloudy landscape, the 5×5 cascading reels title gives players a sugary rush when the Gum Drop Multiplier activates, revealing a mystery value at the end of each winning spin up to x100, enhancing the chance for wins during the main game and Free Spins.

Yggdrasil, a leading iGaming publisher, has revived the gold rush in a jackpot-filled game that embodies the spirit of old west prospecting in Gold Frontier Jackpots FastPot5™. Fans of lower volatility slots with straightforward mechanics that get fortune seekers right to the heart of the action are tasked with gathering keys to enter the treasure bonus game.

Relax Gaming is offering players some opulence in its latest release Sultan Spins. This high volatility slot sees its gold-trimmed reels set against a sprawling desert metropolis. Players have the chance to rack up riches via an entertaining free spins feature and lucrative local jackpot.

Greentube has introduced its latest title in the popular Diamond Link ™ series, Diamond Link ™: Mighty Dwarves Inc. Set deep in underground mines, this adventurous 5×3 slot is packed with innovative features for ample chance to win across its 25 paylines when players spin the reels adorned with hammers, hard hats and laser symbols.

Get your eyes ready because it’s time to take a trip to the pet centre to meet the ugliest, quirkiest, wildest-looking pets you’ve ever seen in the brand new slot, Fugly Pets, from Stakelogic. Fugly Pets takes players to a banged-up old pet store to explore its collection of weird and charming, downright ugly pets. Meet a scruffy parrot, a catnip crazed kitty, and an unfortunate-looking little dog.

Load your tackle box, bait your hook and get ready to reel in the catch of the day in Fishin’ The Biggest from Apparat Gaming, the in-demand German software provider’s latest splash hit slot that sees players trawl the sea for free spins and massively multiplied prizes. Played over five reels, three rows and ten fixed paylines, Fishin’ The Biggest is a highly-volatile title with an outdoor angling theme.

Thunderkick has announced the launch of Midas Golden Touch 2, the highly-anticipated sequel to the acclaimed 2019 original. This latest release invites players to rediscover an enchanted realm where everything King Midas touches turns to gold. The 3×5 video slot boasts 15 paylines and showcases Thunderkick’s signature high-quality design and innovative features.

Belatra Games, the specialist online slots developer, has served up another classic with its tasty Chef’s Sticky Fruits slot. This latest release from Belatra’s studio is a vibrant and juicy addition to its renowned catalogue of slots. It’s a 5×4 slot game bursting with colour that’s heightened with an upbeat, retro soundtrack that perfectly captures the essence of fun at the heart of every play.

Belatra serves up tasty Chef’s Sticky Fruits slot

3 Oaks Gaming has launched 3 China Pots: Hold and Win, the first time the company has integrated the popular 3 Pots mechanic within a Far East-themed title. The latest instalment from 3 Oaks to incorporate the 3 Pots functionality sees players transported to the allure of the Orient, where the Extra, Double and Multi modifiers influence the Bonus Game once activated.

3 Oaks Gaming presents a feature-rich trip to the Far East in 3 China Pots: Hold and Win

Pragmatic Play has unleashed roaming wild re-spins and random guaranteed wins in Release the Bison. Symbols of the American frontier abound in this 5×4 slot, where hitting four or more rampaging bison triggers the wild re-spin feature, during which all wilds roam the reels to boost win potential.

Blueprint Gaming’s latest slot release tasks players to look for the leprechaun’s pot of gold under the water rather than at the end of the rainbow in Plenty O’ Fish, a 6×4 hybrid of sea creatures and shimmering rewards. Players must look to unlock a tackle box of treasure with a jaunty leprechaun being the key to wins, lurking behind a dynamically coloured underwater background that changes when the bonus game is triggered.

Booming Games has launched its latest sweet sensation to its collection of engaging slot games – Fruit Heaven Hold and Win™. This is a deliciously designed 5×3 slot game with 25 paylines, which promises players an exciting experience full of fantastic fruity features and Stacked Wilds.

Wazdan is multiplying jackpots in the follow-up to its top-performing game Mighty Wild™: Panther Grand Gold Edition. Venturing to the depths of the jungle where a black panther rules the reels on a 5×3 gameboard, the new edition provides even larger win potential. With the increased value of the Cash symbols and Cash Infinity™ symbols, there is also a more lucrative Grand Jackpot of 1500x the base bet.