How To Reduce The Risks Of Using Cryptocurrencies In Igaming| MENAFN.COM

Friday, 30 September 2022 06:15 GMT

How To Reduce The Risks Of Using Cryptocurrencies In Igaming


(MENAFN- EIN Presswire)

Traditionally, gamblers paid with traditional money, but with the advent of online casinos, there was a demand for faster and more convenient transactions.

TALLINN, ESTONIA, September 1, 2022 /EINPresswire.com / -- Gradually, payment with digital money became very popular in this industry. What is the reason for such popularity of payments in digital assets?

Growing usage of crypto in iGaming

South Korea was the first to use crypto for payment in iGaming and now is the third biggest market in crypto in the world . This feature was included in 2003 by Nexon, a video game company, and in 2021 agreed with BitPay to support paying in crypto.

Since its development in the late 2000s, bitcoin was used for payments. This request from users became especially active during the coronavirus pandemic.

Cryptocurrency iGaming traffic tripled last year compared to the previous year, with 4% of all online iGaming dominated by cryptocurrencies, according to SoftSwiss . Since the beginning of this year, the share of CryptoProcessing.com iGaming has exceeded 30%.

But even after the weakening of anti-coronavirus restrictions, crypto processing is only gaining momentum.

Best payment processor for iGaming

One of the best services for crypto in online iGaming is CryptoProcessing.com by CoinsPaid. Today, it processes about 7% of all global transactions in bitcoin.

Short CryptoProcessing.com review

This service has already carried out 9.2 million cryptocurrency transactions for 6.39 billion dollars or 5.65 billion euros in 2021. It represents a secure payment gateway that allows iGaming companies to accept crypto payments with instant exchange to traditional currencies on the fly around the world and attract new customers. After all, its advantages such as high speed and acceptance rate of all payments, transaction risk scoring, vast diversification of fiat currencies and relatively low commissions are very important. In addition, CryptoProcessing.com allows you to accept payments from customers who cannot pay with traditional bank cards.

CryptoProcessing.com is a fully regulated company registered in the European Union and has the appropriate payment license. In addition, the service passes security audits regularly. For now it has passed 3 of them (Kaspersky, Hacken, 10Guards) and no vulnerabilities were found in CryptoProcessing.com.
This cryptocurrency payment gateway supports over 30 major cryptocurrencies and over 20 fiat currencies, instantly converting them into each other. This avoids the risks of volatility in the market rates of digital assets.

State regulation in iGaming

iGaming has been, and remains, a rather controversial industry in terms of government regulation. All online platforms today must carefully monitor the state regulation of their activities so as not to violate any legal norms.

However, some countries are pretty good at controlling this industry. First of all, this concerns the United States, where relevant laws are in force both at the national level and at the level of individual states. Comprehensive rules for regulating iGaming sites are also in place in Japan. There are two most common jurisdictions that are used for iGaming - Gibraltar and Malta. Gibraltar first started regulating online gambling in 1998 making it one of the leaders in iGaming regulation today many companies choose to base their operations in Gibraltar due to the region's favorable tax laws. Malta is the first EU member to regulate casinos. Since 2000, this activity has been legal and regulated and this jurisdiction became one of the leading among the iGaming companies.

In the end, such services have to monitor all the suspicious objects. An important aspect of legal cleanliness for online casinos is careful monitoring to ensure that they do not receive funds from suspicious sources. It is in this aspect that CryptoProcessing.com can greatly simplify the task. With it, you can filter out all unreliable funds and get notifications on suspicious ones. You can be sure that it is in this aspect that you will not have any problems with the law.

Ilya Levanshyn
Cryptoprocessing
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