In 2024, cryptocurrencies continue to gain popularity. More entrepreneurs are exploring establishing online casinos that accept digital currencies. As the crypto-gambling industry grows, more jurisdictions are developing specific regulations and licensing requirements for crypto casinos.

Three of the most beneficial and popular jurisdictions for setting up a gambling business have existing legal frameworks for cryptocurrency regulation. They include Anjouan (Anjouan Gaming License), Curaçao (NOOGH license), and Costa Rica.

Advantages of Crypto Casinos: Anonymity, Security, and Innovation

Crypto casinos are becoming increasingly popular among players who value privacy and security. Unlike traditional online casinos, crypto casinos provide more anonymity for their users. Cryptocurrency transactions do not disclose personal information such as name, address, or bank account number. Thus, players keep their identities private and avoid unnecessary risks of disclosing confidential information.

However, anonymity is not the only advantage of crypto casinos. Blockchain technology, which underpins cryptocurrencies, ensures unprecedented transparency in the gaming process. Every transaction on the blockchain is recorded in a ledger accessible for verification by all network participants. This feature eliminates the possibility of manipulation or falsification of game results by the casino operator. Blockchain-based smart contracts automate the payment of winnings and ensure the fulfillment of all game conditions without the involvement of third parties. Decentralized random number generators (RNGs) also guarantee fairness and unpredictability of results, excluding the possibility of manipulation.

Another advantage of crypto casinos is the speed and convenience of transactions. Deposits and withdrawals in cryptocurrencies are almost instantaneous, without the delays of traditional payment methods.

Anjouan Gaming License

Anjouan is a small autonomous island in the Union of the Comoros. It has recently started offering licenses for crypto casinos. The Anjouan Gaming License allows companies to operate online gambling platforms under the jurisdiction of the state, regulated by The Anjouan Offshore Financial Authority (AOFA).

License Benefits:

– Quick issuance process (approximately one month after document submission).

– Simplified licensing process.

– No capital requirement.

– Licenses available for both B2C and B2B.

– One can add an unlimited number of URLs to the license.

– License validity of 1 year with annual renewal option.

– No accounting or audit submission requirements.

Anjouan offers fast and inexpensive licensing but currently has a lower reputation in the industry.

 

Curacao Gaming License

Curaçao, an autonomous territory within the Kingdom of the Netherlands, is known for its political and economic stability. Curaçao is also one of the most crypto-friendly jurisdictions. Operators can quickly obtain licenses for crypto casinos and accept bets in digital currencies.

License Benefits:

– Curaçao is one of the oldest and most respected jurisdictions in the online gambling sector, and it is recognized in many countries worldwide.

– The license includes two domains (up to 40 can be added).

– No separation of B2B and B2C licenses; only operational licenses are issued (until the new LOK law takes effect).

– License validity of 1 year with annual renewal option.

The Curaçao license (NOOGH) is more recognized in the industry but has higher requirements and costs. Operators must have a physical presence on the island. Furthermore, licensing fees and reporting requirements are higher than in Anjouan or Costa Rica.

It is important to note that Curaçao’s legislation is changing (the new LOK law must come into effect soon). It may affect licensing requirements and processes in the future. Therefore, we recommend consulting with IT-OFFSHORE specialists who provide professional legal assistance in online gambling.

 

Gambling in Costa Rica

Costa Rica, a small country in Central America, has been attracting more attention from gambling operators in recent years. Unlike other countries, Costa Rica does not have a specific regulatory body for online gambling. Operators can legally operate based on a general commercial license (licencia comercial) issued by the Ministry of Economy, Industry, and Commerce.

Jurisdiction Benefits:

– Not considered an offshore zone by international tax organizations, simplifying operations with the US and EU.

– No annual license fees.

– No requirement to test gaming software.

While Costa Rica currently lacks a specific regulator for online gambling and crypto casinos, this may change if new laws come to power and a regulatory body is established. However, this also creates additional risks of stricter gambling regulations. Therefore, working with experienced legal consultants specializing in cryptocurrencies and gambling is essential for successful operations in this industry.

Conclusion

Anjouan may be a good option for a quick start with minimal costs but has higher reputation risks. Curaçao is a recognized jurisdiction with a developed ecosystem but has higher requirements and costs. A gambling license in Costa Rica can be a good option for crypto casino operators looking for a relatively simple and inexpensive way to legalize their business. Still, this jurisdiction comes with some regulatory uncertainties.

Understanding that a unified international approach to regulating crypto casinos doesn’t currently exist is essential. Each country offers rules and requirements for operators to conduct business on their territory. The crypto-gambling industry is rapidly evolving, attracting more operators and players. However, with the growing popularity of crypto casinos, new challenges related to regulation arise. Legislation concerning cryptocurrencies and online gambling evolves, and the rules can change quickly and unpredictably. Therefore, we recommend consulting with IT-OFFSHORE consulting lawyers. An experienced consulting specialist is essential for a successful start and further business development in a rapidly changing legal environment.