Are online gaming regulators ready for blockchain technology?

online gaming regulators

More and more online gaming regulators start to acknowledge the legitimacy of the blockchain technology and bitcoin as a digital currency thanks to its growing acceptance in the market.

 

What can online gaming regulators learn from the ICE Conference?

The ICE-Totally Gaming Conference  that was held in February 7-9 in London provided Coinify and the whole gaming world with new learnings concerning blockchain adoption in the gaming industry. The gathering of major gaming players, operators and regulators, agreed that the mainstream adoption of the blockchain technology and bitcoin as a digital currency comes down to the regulation. Once there is agreement on how blockchain should be regulated  and the regulation is enforced, the mainstream adoption can happen.

What makes blockchain attractive for the gaming industry are the low transactions costs and its ease of use. Moreover, transactions are instant, irreversible and chargeback-free, which makes them very transparent. Blockchain makes both parties, gaming companies and their customers, beneficiaries of the technology.

 

online gaming regulators

 

Online gaming regulators are realising the potential of blockchain

However, before online gaming regulators in Europe can pay closer attention to the blockchain technology, they have to take actions towards developing a legal infrastructure for this space. The increased interest in blockchain among the gaming regulators is due to the efforts to make gaming safer and more responsible. Blockchain can be the solution that offers greater transparency, enforces licensing measures and makes it harder for minors to engage in online gaming.

Bitcoin and other cryptocurrencies need to get defined as money in the gaming markets. A few authorities in Europe are already addressing cryptocurrencies within online gaming. UK Gambling Commission (UKGC)  considers cryptocurrencies such as bitcoin to be equivalent to cash. Malta Gaming Authority is looking towards the UKGC and currently developing a new legislation to include digital currencies and update the gaming regime.       

If you would like to learn more about blockchain payments and their benefits, visit coinify.com.

 


Image credits: Pixabay and Pexels

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