The online gambling industry has long been focusing on proper licensing authorities. Two of the main countries focusing on better licensing are the US and the UK. With the news of Edgeless being the first fully licensed Crypto casino, the UK Gambling Commission (UKGC) is looking to be a hot target for cryptocurrency casinos.
If the UKGC license a Blockchain only casino in the UK, then the value of the digital currency will skyrocket. There are plenty of people out there waiting for news of a UK Blockchain focused casino or an existing ICO to ready their guns in preparation for the UK online casino and sports betting industry.
It was announced way back in 2016 that the UKGC would add Bitcoin to its list of acceptable deposit options for online casinos. This means that any casino that already operates with Fiat currency is also able to offer Bitcoin as a funding method for their clientele’s online casino account. Now what remains to be seen is whether the UK’s major licensing authority, which is the only legitimate way to operate an online casino in the country, will allow crypto only casinos.
News has shaken up the cryptocurrencies grapevines with the Curacao licensing authority accepting an application from Edgeless.io.
To put a finer point on this, the reason there was so much news surrounding the licensing of Edgeless is because it is the very first online casino that is 100% cryptocurrency deposits to be licensed by a casino gambling authority.
Rumours have now been sparked that other licensing authorities will soon follow suit. Currently, the UKGC has not released any statements or plans to take on casinos that are entirely based on the Blockchain.
However, there are plenty of online casinos out there that are planning on doing just this. Plus, with the rise of the blockchain, government support for the blockchain in the UAE, Korea, and China, as well as big-name companies such as Walmart, MoneyGram, and Western Union all joining the Blockchain, the UKGC can hardly ignore what is surely going to be a demand in the UK for blockchain only casinos.
Arguably the world’s strictest online casino licenser, second to the USA, is the UKGC, which is already on the right path to legitimising blockchain casinos. It’s License Conditions and Codes of Practice (LCCP) was changed in Q4 of 2016 to allow online casinos that are already participating in Fiat currency transfers to still be covered under the UKGC’s licensing if the casino operator also adds Bitcoin to its list of accepted deposit methods.
At the moment, there have been hints that the UKGC will in the future start to focus on the Blockchain/ That being said, there is nothing concrete just a hint from CEO Sarah Harrison. She has said that digital currency will be a “continuing future focus”. There were no more specifics to this statement, but it has been enough to spark of speculation for the future of the Blockchain within the online gambling in the United Kingdom.
Another hint, which is wholly related to Bitcoin, was a letter that was sent out to casinos operating using Bitcoin. The content of the letter directly referred to Bitcoin and NOT ALL digital currencies on the Blockchain. It stated that it was not the currency that was the overriding factor in the UKGC’s decision to grant an operator with a casino license.
Could this mean that as long as a Blockchain casino can show that it meets all the requirements for UKGC license, that a Blockchain casino such as Edgeless could soon be operating in the UK legally?
Additional information from the letter even suggests that the form of currency is not relevant. The idea of a UKGC license is that it sets out a formal set of rules that place a heavy emphasis not on the currency being used, but instead on the operator’s ability to show that there are crime prevention methods set up.
With the letters sent to Bitcoin casino operators, the statement from CEO Sarah Harrison, and the fact that the UKGC have added Bitcoin to their list of accepted currencies, there is much talk about a new fully Blockchain enabled online casino hitting the UK.
Now you can imagine the ICO for whichever Blockchain operation breaks into the UK’s online casino industry. We can compare this to the news of Atari last week planning on joining the Blockchain. Its stocks skyrocketed 60% after the announcement. If we compare this to news of a Blockchain only online casino in the UK, and you can just imagine how much the ICO will be raised in its initial fundraising.
As news gets closer to the ICO obtaining a UKGC license, the value of whichever crypto coin that is tied to this project will spike considerably.
Some of the aspects that an online casino will need to invest in to make the cut for the licensing are listed under the ’10 Steps to Cybersecurity’. These cybersecurity specifications cover points such as internal security; such as, criminal background checks on all employees, onsite CCTV monitoring, safe and secure access to servers, complete player privacy, and many other processes that need to be in place to show the UKGC that the casino’s internal set-up is completely secure.
Other aspects include secure encryption, high tech firewalls, consistent intrusion detection, continuous change in passwords and encryption keys, and more technical as well as network-specific processes that must be adhered to.
With the security measures required to pass the ’10 steps to cyber security’ in mind, it is obvious the UKGC is one of the most respected online casino licensing authorities in the world. The value of a UKGC license for a Blockchain the only casino is up there with the value of the online casinos using fiat currency.
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