iGaming Industry
Dutch Gambling Regulator Clarifies Role in Cryptocurrency Regulation
The Dutch Gaming Authority, Kansspelautoriteit, said in a Friday statement that cryptocurrency investment regulation does not fall under its purview.
The gambling regulator also revealed that it had conducted extensive research to determine the essence of investing in cryptocurrencies, of the virtual currencies themselves, and of the technology that powers them.
The results of its research showed that investing in bitcoin and other existing cryptocurrencies cannot be considered a gambling activity under the Netherlands’ current gambling laws. The regulator further clarified that under current regulations, a game of chance involves an activity in which a person is competing for prizes and the outcome of that person’s participation in said activity depends strongly on chance. In addition to this, a person cannot have “a dominant influence” over the outcome of the activity.
Kansspelautoriteit’s stance on the matter came shortly after the Netherlands Authority for the Financial Markets’ (AMF) latest warning in relation to the growing popularity of cryptocurrencies, investing in these, and, particularly, the risks Initial Coin Offerings (ICOs) present to cryptocurrency investors.
Cryptocurrency Concerns and Fears
Last year, the AMF issued a series of warnings and recommendations to cryptocurrency investors, the most recent of which came in November, when the financial markets watchdog warned of the risks ICOs could be hiding.
The AMF warned Dutch citizens, who planned to invest in ICOs, that the issue of digital tokens could be particularly vulnerable to fraud and manipulation. The regulator further pointed out that while it acknowledged the potential behind ICOs, it was suspicious of the way digital tokens are currently issued.
According to the AMF, the anonymous character of blockchain, the technology that powers bitcoin and other cryptocurrencies, creates an environment in which fraudsters could thrive. Merel van Vroonhoven, Chairman of the financial watchdog, has previously pointed out that the high risk of fraud and loss of deposits, combined with the hype created by ICOs, could be a “dangerous cocktail”.
Last summer, the AMF issued a warning of the general risks that virtual currencies hide. Here it is important to note that, under current regulations, the financial watchdog does not have the power to regulate cryptocurrency investing.
The AMF warned of the risk of a financial bubble, after the price of bitcoin and a number of other virtual currencies increased exponentially over a very short period of time. The regulator said it believed that even a very small event, such as negative a piece of negative news, could burst the cryptocurrency bubble any time.
Bitcoin investors suffered quite a shock this past holiday season when the currency’s price plunged below $13,000 only days after it had rocketed to an all-time high of over $19,500. At time of writing, the virtual currency’s price stands at $13,746.
Source: European Gaming Portal
Bradley Khoury
eCOGRA Approved to Operate in Arizona, Indiana and Panama
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct
BetConstruct to Showcase Latest Innovations at G2E Las Vegas 2024
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
Amusnet
Amusnet Sets the Stage for Global Gaming Excellence at G2E Las Vegas
Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.
“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.
Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.
Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.
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