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Isle of Man ‘now world’s most attractive base for crypto companies’

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Douglas-based company in frame for three prestigious gambling industry awards
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The Isle of Man is now the world’s most attractive territory for blockchain-based businesses, according to a regulatory specialised based on the island.

Regulators in the Isle of Man have announced a new “subject to” registration process designed to provide cryptocurrency companies with certainty.

Given current travel restrictions during the global pandemic, the Isle of Man Financial Services Authority (IOMFSA) has introduced a “subject to” registration, allowing crypto businesses to register without the need for an immediate physical presence on the island.

Crypto businesses are usually required to have at least two Isle of Man resident directors but the “subject to” registration allows them to register as long as all other criteria are met. This timely change is designed to allow greater certainty to firms considering the Isle of Man as a base and follows reports of businesses being “left in limbo” by the Financial Conduct Authority in the UK.

SolutionsHub, based in Douglas, is a world-leading provider of blockchain technology and crypto regulation services.

CEO Lee Hills said: “The Isle of Man continues to set the standard when it comes to the regulation of emerging digital sectors, not least Distributed Ledger Technology (DLT).

“Not only does the island’s regulatory framework encourage and support good quality business, but there is also a willingness to work dynamically, to update processes and procedures, to move with the times and adapt to new challenges and opportunities.

“I would argue that the Isle of Man is now the most attractive home for DLT companies serious about doing business properly and having a solid foundation from which to grow.”

Digital Isle of Man Regulatory Lead Steve Billinghurst said: “This welcomed option comes at a time when crypto businesses are looking for some regulatory certainty, not just for the final outcome but for the process and regulatory direction.

“The route to registration for crypto businesses has been well trod by the IOMFSA over the past five years, each time they continue to adapt and strengthen the opportunities available.

“The area of regulation for crypto currencies and digital assets is continually moving, just consider the amount of developments in 2021.

“The IOMFSA continues to support good quality crypto business being able to work within a leading regulatory jurisdiction in a way that maintains the fight against financial crime, supports the positive reputation of the Isle of Man and provides consumer protection.”

Bitcoin

Which altcoins can you use for gambling when bitcoin is crashing?

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Since the advent of online betting, Bitcoin has been the preferred cryptocurrency. Time, however, is evolving. In the first quarter of 2022, its share fell dramatically. This week alone, Bitcoin’s value dropped by 15% over 24 hours, reaching its lowest point since December 2020. And this, according to experts, is tied to the increased interest in Ethereum and Litecoin, the second-leading cryptocurrencies. Their respective market capitalizations have increased by 3.45% and 2.95%.

What to expect for crypto betting in 2022?

According to the research, it is expected that cryptos would see growth, albeit with adjustments to coin share. And the diversity of cryptocurrencies used for betting will be a major trend.

But what is an altcoin, and which one can you use for gambling when bitcoin is crashing?

What is an altcoin?

The word “altcoin” gained popularity in 2017 when hundreds of different Bitcoin alternatives appeared on the market. However, by 2022, most of the top 100 cryptocurrencies will no longer be Bitcoin alternatives. Today, the market is flooded with new applications and products, some vastly different from others. With millions of cryptocurrencies already in circulation, it’s hard to keep up with everything that’s going on in the market.

In short, altcoins are non-Bitcoin cryptocurrencies. However, some are popular, with technological improvements that set them apart from Bitcoin. And there are several reasons why players prefer altcoins over Bitcoin. Let’s find out some of them below.

Why using altcoins for online gambling is a good idea?

There are many good reasons for gamblers to use altcoins. Here are some of them:

  • Availability

When compared to other coins, gambling with bitcoin can be expensive. Bitcoin is the most expensive coin right now (even though recently it has crashed seriously) and can be costly to buy compared to Ripple and Litecoin. They cost less.

  • Quicker transactions

Unlike Bitcoin, sending altcoins like Ethereum to online casinos for transactions is faster. In addition, some altcoins have added features that help transactions go faster.

  • Wise investment

Some altcoins can be used as an investment tool because their value keeps increasing. Because of this, investors buy a lot of altcoins to increase their chances of making money.

So, which are the most popular altcoins?

The following are some of the most popular altcoins used by online gamblers in the industry, especially when Bitcoin suffers its worst times.

Top gambling altcoins

Ether (ETH) – Popular cryptocurrencies are ranked by market capitalization, and Ethereum is the second-largest after bitcoin. In addition, Ethereum transactions move quickly, mainly when depositing money to online casinos.

Dogecoin (DOGE)– Even though it was made from an internet meme, the coin has become more prevalent in recent months. And casinos love it.

Litecoin – With quicker transaction speeds and cheaper costs than Bitcoin, Litecoin is undoubtedly one of the best options for gambling, particularly after a Bitcoin meltdown.

Conclusion

For the final remarks, we would like to point out that while Bitcoin struggles to regain its former glory, you can save time. Select one of the various altcoins and play freely in any crypto casino, like FortuneJack, where you can find the most exciting gambling atmosphere.

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Cryptocurrency

Cloudbet is Giving Away $10,000 to Celebrate the Return of European Soccer

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The soccer season is back! To celebrate, Cloudbet has $10,000 worth of USDT to give away to 10 lucky soccer bettors this month.

The pioneering crypto betting site will choose 10 customers at random who bet on any of the top 5 leagues (English Premier League, La Liga, Bundesliga, Ligue 1 or Serie A) from August 1-14. Each will win an equal share of the prize pool— $1,000 of the US dollar stablecoin.

Cloudbet offers all popular markets for the five leagues for customers to bet on quickly and safely via bitcoin and 17 other cryptocurrencies. By choosing to bet with crypto, users see faster transactions, lower fees and enhanced privacy on a decentralized system while enjoying the thrill of live-in play betting on their favorite teams.

The EPL is set to return on 5th August, with back-to-back defending champion Manchester City looking to claim their fifth title in six seasons. They enter the 2022-23 season as favourites, while Liverpool, Tottenham Hotspur and Chelsea head the rest of the field in the EPL who aim to dethrone Kevin De Bruyne, Erling Haaland and their teammates.

The English Premier League is heralded as the most competitive league in soccer, providing three of the last four UEFA Champions League finalists in the past two years. Besides the winner’s market, Cloudbet customers are able to bet on a wide range of outrights including who will end up bottom on Christmas Day, who will eventually get relegated, Top Goalscorers by club, and a huge range of others.

The Bundesliga starts on August 5th, with Bayern Munich as strong favourites to win. Ligue 1 launches in France the following day. Serie A and La Liga begin the following week on August 13th and 14th, respectively.

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Baltics

Crypto SNACK Secures $50M Investment Commitment from GEM Digital

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Leading iGaming token Crypto SNACK has secured a $50 million investment commitment from GEM Digital Limited, a digital asset investment firm that actively sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs worldwide.

Earlier this year, Crypto SNACK partnered with RCD Espanyol, making the team the first La Liga club to accept payments in cryptocurrencies, the first of many future partnerships designed to bring the efficiency of digital assets further into the world of sports, entertainment and beyond by onboarding crypto payments for real-world experiences.

The company plans to invest its new funding from GEM into further connectivity with top crypto exchanges, add to its growing portfolio of global professional sports partnerships, as well as continue to build out its blockchain technology and infrastructure.

“Together we are taking the right steps for #SNACK to become the #1 token in the iGaming industry. This investment will further accelerate our plans to make the future of decentralised finance possible,” Stuart Morrison, CEO of Crypto SNACK, said.

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