Cryptocurrencies have become increasingly popular in the online gambling sector in 2023. Their use provides bettors with a range of advantages, especially those who already have a Bitcoin wallet. But what are cryptocurrencies and why are they so popular?
Cryptocurrencies are digital currencies, untraceable and not dependent on any form of government or bank, and therefore decentralized. The features of the various blockchains allow for secure, anonymous and rapid payments.
In Italy, the Customs and Monopolies Agency (ADM) regulate the gambling scene and have not yet granted the use of cryptocurrencies within online casinos. We take a look at the legislation and regulations in Italy that make this the case.
To obtain an ADM license, operators must follow strict rules to promote responsible gaming, preventing money laundering and terrorist financing. All payments must be traceable and made in the name of those who are depositing and withdrawing money.
Cryptocurrencies are not suitable for this, as they are completely anonymous, and therefore illegal activities are more likely to occur. Furthermore, the extreme volatility of cryptocurrencies makes them a risky form of payment.
It is difficult to predict whether or not the situation will change in the future. For ADM to accept them, cryptocurrencies must be regulated and made traceable. If this were to happen, the number of players would increase significantly, as they would prefer to play on Italian casinos instead of foreign sites.
In conclusion, the integration of crypto into the world of online betting would bring many changes to the gambling sector in Italy, but for this to happen, cryptocurrencies must be made traceable. Only then would ADM accept them.
