Since the emergence of cryptocurrencies, bitcoin has become an increasingly popular preference for casino users. Countless existing casinos as well as new ones now support BTC as a payment method, but not all of these are licensed entities.
Licensed bitcoin casinos operate under the oversight of regulators in various jurisdictions. Though these regulators have different regulatory requirements, they all have one thing in common. They require casino operators to abide by certain set rules that can protect their customers.
Typical regulatory requirements cover sensitive aspects such as security, software and ethical practices. Consequently, a licensed entity should take the safety of its users’ personal data, funds and identity seriously. For instance, most regulators require casino operators to segregate their players’ funds, have sufficient finances and have no links with crime.
A licensed bitcoin casino operator should also use legal software from reputable providers, offering games that are random and fair. It should also uphold ethical practices in all aspects of its operation. In case you have a complaint against a licensed bitcoin casino, you can take legal action against it and the regulators in its jurisdiction will address your grievances.
Clearly, the importance of gambling at licensed bitcoin casinos cannot be overemphasized. But you may be wondering that since cryptocurrencies are said to operate in legal grey zones, how can a bitcoin casino be licensed?