Crypto casinos are not required to hold a license. That's the first thing you should know. That's because of the grey area they are working in. As crypto legislation around the world is still in its baby shoes.
However, independent of that, even crypto casinos are responsible for ensuring players safety, try to avoid problem gambling, and preventing financial crimes.
As with most other areas in life, if something is not enforced, companies don't really feel the need to do it.
That's where crypto casino licenses come in. Although crypto gambling platforms are not required to have a license, in most cases the crypto license actually gives players more safety, and casino more reliability.
Although most crypto casinos don't require you to complete the regular KYC procedure, they still collect, and maintain, certain data to ensure some sort of compliance - for example they store your crypto wallet address, and your email, and try to monitor all risks associated with your wallet.
While at this point in many places, in many jurisdictions, one can operate a crypto casino without any license at all, in many others they either need a local gambling license, or at least some sort of gambling platform license.
So what are the most common, most popular, most used crypto casino licenses? Which countries are giving them out and do they actually do their due diligence before giving your the license?
Curacao gaming license is by far the most popular crypto casino license provider in the world. Also known as the Antillephone Gambling License.
There are multiple reasons for that, such as
While compared to say, UKGC license, Curacao is definitely considered way weaker casino license, casinos that hold Curacao license are still fairly secure, as they have oversight and they must comply with all Curacao regulations,
Companies that opt for Curacao license, need to
Anjouan Gaming License isn't as well-known as Curacao license, but at this point it could be considered one of the cheapest, with the least bureaucratic licensing process. And this of course, makes getting the license super fast.
What does Anjouan Gaming License offer to the casinos?
What requirements does the operator need to fill?
Kahnawake Gaming License has recently gained popularity as well.
What does Kahnawake Gaming License offer the operators?
What does Kahnawake license mean to players?
Malta Gaming license could be considered one of the best crypto casino licenses (for players) out there. But of course, that also comes at a cost and more requirements for the operators.
What does Malta Gaming license offer to the operators?
Of course, getting the Malta casino license costs considerably more than other crypto casino licenses and it comes with many more requirements, but for players it's only good.
Malta Gaming Authority requires players to have the ability to self-exclude. And that feature must be simple and easily accessible.
Players MUST be able to set at least one of the following responsible gambling limits: Deposit Limits or Wagering Limits
Isle of Man has started promoting their gaming license more during the past years, although they legislated online gambling already back in 2001.
What does Isle of Man Gaming License offer the casinos?
Operators need to register a company there, hire at least two local directors, have a local corporate bank account, rent an office, among other things. And of course they need to do everything possible to prevent money laundering.
What does Isle of Man Gaming License offer players?
What does Panama license offer the players?
While Costa Rica Gaming License is somewhat known, in reality no such thing exists. In order to obtain "Costa Rica Gaming License" one just needs to register a company and it's done. This means that Costa Rica "license" offers no safeguards to players whatsoever, and it would make sense to stay away from crypto casinos claiming to have Costa Rica gambling license.
Another known gaming license provider is Gibraltar. Gambling License has a solid reputation.
What does Gibraltar Gambling License offer the operators?
What does Gibraltar Gaming license offer players?
Now, lets put it all together, and look at the operator side of view - why would crypto casinos want a license?
So what does a crypto casino license actually give you? Why should you care if the crypto casino has any kind of license at all?
In essence, crypto casino license gives you confidence that the casino doesn't just operate the way they decide today, but they actually need to follow some rules and regulations.
So let's say the casino has a crypto casino license, what should you still look out for in crypto casinos?
In essence, compared to locally licensed casinos, in my opinion there are two main things to pay attention to:
As you can see, while the topic of crypto casino licenses might look like a random one at first glance, it's actually not. Crypto casino license is important for both - the casino operator, and also to you, the player. So before you go and look at that great-looking crypto casino bonus, you might want to confirm the casino has a license first.
I recommend you only play in legal, licensed crypto casinos and above anything else, play responsibly!
