By EWN • 01 March 2022 • 10:59
Crypto gambling is growing around the world. Digital tokens are giving gamblers something they have been looking for – high security and privacy. Cryptocurrencies have the power to transform gambling into a safer and more secure industry, which is why it is no surprise that the demand for crypto gambling has increased so much over the past few years.
While crypto gambling is certainly very popular, the laws and rules affecting this market in different countries are quite confusing. While some countries have introduced specific laws and rules on crypto gambling, others are having a hard time deciding what stance to take towards crypto gambling.
The rules and guidelines regarding online crypto gambling are quite confusing in Germany. In general, for a long time, Germany has struggled with finding a way to regulate the gambling industry. In 2021, the country worked on and updated the Treaty on Gambling – ISTG 2021 – which provides new licensing and operating guidelines for crypto online casinos.
Apart from this, the Treaty is also aimed at defining rules regarding advertisements on gambling, licensing conditions for crypto online casinos, and even tax rates that gamblers might have to pay. According to the new regulatory stance of the country, the licenses provided under the Treaty on Gambling are valid in all parts of the country.
There are numerous updates that the Treaty brings to the crypto gambling industry in Germany. While the previously existing licensing scheme was very restrictive, the new one makes operations of online crypto casinos a bit easier.
The new regulatory treaty for the online casino industry was adopted in Germany during the Summer of 2021. Following the adoption of the new treaty, several things have changed in the gambling industry of the country.
One thing that the new treaty affected is the restrictiveness of Germany’s online casino regulations. Still, there are several restrictions that remain in the new treaty, mostly aimed at ensuring the highest safety for individuals. The new treaty also includes some limitations to ensure the prevention of addiction to gambling.
One of the restrictions that are listed in the new regulatory treaty is the limitation for spin-stakes, limits on sports betting, and limits on online crypto slot machines. There also is a limited maximum deposit that clients of Germany’s online casinos can make. This limitation is currently at 1,000 euros.
According to the new regulations adopted in Germany, every single crypto casino or regular online casino has to follow these regulations and laws. According to the new laws, online casinos are encouraged to have some consultations with German legal professionals to order to ensure that their working strategy and attitude are in line with the new regulations. Once the online casino gets the license, it is valid for five years. After the end of this period, the online casinos are required to renew their licenses.
According to the local regulations about online gambling in Germany, using anonymous payment solutions for gambling is not permitted. However, this does not include cryptocurrencies. The reason behind this is the fact that the gambling regulators have not yet approved bitcoin and other digital tokens as the means of payment in a licensed environment yet.
Because of this, as of today, there is no restriction on using cryptocurrencies to top-up the online casino gambling balance. This makes it easier for individuals in the country to take part in the online crypto gambling market.
Crypto gambling has grown massively in Germany over the past few years. There are numerous people in the country who are using different types of online casinos that allow them to make deposits and withdrawals using digital tokens and also give them the opportunity to play online games using cryptos.
There are several reasons why cryptocurrencies have become so popular among gamblers around the world, including in Germany. One of the main reasons for this is that making payments in cryptocurrencies is a lot faster and in many cases, costs much less than regular payment solutions.
Another very important reason why cryptocurrencies are used so actively among gamblers is the fact that they offer gamblers a very high level of privacy and security. There is no single entity that controls cryptocurrency transactions, thus, individuals can deposit and withdraw funds from online crypto casinos freely.
Germany is not the only country where the popularity of online crypto casinos is increasing very fast. Around the world, many gamblers have decided to turn to digital tokens in order to make gambling a more private and secure activity.
The cryptocurrency industry has already managed to change many parts of people’s daily lives around the world. While many industries are using crypto assets very actively for different reasons, one that has managed to take advantage of all the advantages that cryptocurrencies can bring is the online gambling industry.
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