Unless you have been living under a rock, you would have surely noticed the regulations, new tax plans, and crackdowns that are happening across Europe. This is not just happening in Europe alone; rather it is also taking a minor storm up in Australia. When you talk about gambling, you cannot leave out Bitcoin and its use in this field. So, when the regulations come in this field of gambling, surely it is anticipated that the Bitcoins might also face some changes.
Across Europe, many countries are coming up with new regulations and restrictions for protecting the players. However, those casinos, which are using Bitcoin or cryptocurrency, shall find its fame on the high.
The Countries with the New Gaming Regulations
There are a few countries currently, like Poland, the Netherlands, and the Czech Republic where there are fresh regulations coming up in the gaming circuit.
The reason for these countries to restructure the laws of gaming has been the presence of many casinos, which were running their business illegally in these countries. The laws in these three countries for gambling are for the betterment of the society from excessive gambling, and they have successfully implemented them. The rule says the operators must have a license as approved by the local gambling operators and their laws are making the business even tougher to grow.
Poland has tactfully increased taxes, and that has been marked at a massive 12 % of the total stake. It means that betting industries are facing the heat of paying higher taxes off their revenues and many popular casinos such as Bet365, 888 casinos have left Poland after this new tax scheme.
The Polish Government has banned unregulated operator domains and taken off the list. However, this will have as the little impact on the unregulated flow of Bitcoins, but this is a welcome move, considering where Bitcoins are used for deposits.
The Czech Republic to follow the higher tax pattern and charges perhaps, the most is entire Europe. A whopping 35 % of the total revenue and 19 % of the corporate tax is imposed every time. Thus, many betting casinos and operators have moved out of this country as well, where the major share of profits flows away as taxes.
The government of both these countries is ensuring in maximizing the security from unregulated casinos. Numerous IP addresses of these casinos have been blocked, and various banks have been instructed to stop accepting any sorts of monetary payments from these operators.
How will Bitcoin be affected?
The entire re-shuffle of gambling regulations all across Europe has given a huge blow to the sector in whole, while some operators are still finding ways to exist. With the help of Bitcoin, it’s completely unnamed to any third party government regulations to track a person.
In a nutshell, Bitcoins have risen up more in value, only to be a way of being an anonymous and un-traceable valuation for any determined gambler.