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An overview of crypto regulations worldwide
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There is no international consensus on how to regulate cryptocurrencies. Nevertheless, a global regulatory crackdown seems to have been gaining momentum, even though it does not seem to be achieving the intended results.
Take the case of China. Late last year, China introduced a series of strict new rules governing bitcoin and other cryptocurrencies, which effectively stopped virtual cryptocurrency exchanges and banned initial coin offerings (ICOs), which are the means by which new cryptocurrencies mobilise funds. It did not stop cryptocurrencies from circulating though. There is a booming underground ecosystem in China of bitcoin “mules” and illegal trade in cryptos.
Indeed, there is a legal grey area for global cryptocurrency industry, a situation arose from the stringent regulation by various governments. What further causes chaos in this domain is that the legislation varies widely across countries.
Here is a scrutiny of regulations around the world.
EU reacts warily
Crypto regulations across most of Europe remain in the pipeline, although certain countries have taken the lead by either enacting strict rules on cryptocurrencies – or welcoming them with open arms. In Brussels, the European Commission is still reviewing the bloc’s regulatory framework for crypto, and the European Securities and Markets Authority – which coordinates rules across the bloc – has proposed constraints on derivatives tied to virtual currencies for certain investors.
Meanwhile, at the state level, government responses to crypto regulations run the gamut. Switzerland, for one, has ambitions to become a “cryptonation,” and regulators have earned a reputation among traders as some of the friendliest in the world. Already, four of the biggest proposed ICOs have been based in Switzerland, where the financial authorities have clear guidelines governing the process. The country is also home to major blockchain companies like the Etherum Foundation and the crypto wallet company Cardano.
Like Switzerland, the government of Malta demonstrates an enthusiasm for virtual currencies and the blockchain technology they rely on, aiming to become a “global pioneer” of cryptocurrency exchanges.
Since the online gaming industry is hugely important to Malta’s economy, contributing 12% to GDP, the country’s online regulator is currently finalising plans to launch a regulatory “sandbox” that would allow online gambling operators to add cryptos to their list of payment options. The pro-crypto attitude is evidently paying off: just last month, Binance, one of the world’s leading exchanges, announced that they plan to move from Japan to Malta. The firm is joining a number of other blockchain-focused startups and online gaming operators that have already chosen the island as their base.
However, not all of Europe shares this pioneering spirit. For instance, France’s publication of a cryptocurrency blacklist demonstrates the proclivity for tight regulation shared by many of its neighbours. Paris also banded together with Berlin prior to the G20 meeting last month, calling for a harder regulatory line on cryptocurrencies due to their “substantial risk to investors.”
Asian lawmakers crack down
Most of the world’s trade in cryptos takes place in Asia, but the region is also home to some of the toughest digital currencies legislation – and not only in China.
In Cambodia, the National Bank considers “digital coins” illegal. More significantly in terms of global markets, the Bank of Indonesia has recently banned the use of cryptocurrencies as a payment tool. South Korea and Thailand also seem to be making moves in the direction of tighter regulation. In South Korea, ICOs have been banned, and although the government is still deciding how to legislate exchanges, it is likely that regulators will tighten oversight. The Philippines is also in the midst of drafting legislation that will tighten control over cryptocurrencies and India has recently dealt a blow to cryptos, banning the country’s banks from dealing in virtual currencies.
In contrast with its neighbours, Japan is an outlier in that the government has a reasonably positive attitude towards cryptocurrencies. The country is the world’s biggest market for bitcoin, and the digital currency is considered legal tender. Although Japan has introduced regulatory legislation, its licensing system is permissive in comparison to the rules of neighbouring countries. In many ways, Japan’s cryptocurrency legislation serves as a test case for future legislation worldwide, but last month’s suspension of two cryptocurrencies suggests that Tokyo might not have struck the right balance after all.
North America: still up in the air
The legal status of cryptocurrency has progressed slightly further across the Atlantic, but remains highly ambiguous. Even within the US, which accounts for 26% of crypto trading, regulators differ in their definitions of cryptocurrencies and their attitudes towards regulation. For instance, the Commodity Futures Trading Commission has a reputation as a crypto-friendly regulator, but the Security Exchanges Commission has been tougher in its crypto-related pronouncements. Currently, the agency is scrutinising crypto exchanges and has said it is looking to apply securities laws to exchanges and crypto wallets.
North of the border, Canada is poised to become a global hub for cryptocurrencies and is preparing a raft of new regulations, but some fear that the proposed regulations go too far. The government is considering amendments to anti-money laundering laws that passed in 2014, but some experts have expressed concerns that going further would stifle innovation in the virtual currencies sector.
Of course, many of these governments have legitimate concerns about the capacity for bitcoin to be used for foul play. And given the complexity of cryptocurrencies, it is understandable that lawmakers are reacting by enacting overly strict regulations – or delaying the imposition of any regulations at all. Yet if too many governments follow China’s example, they run the risk of driving crypto from a legal grey zone into the black market. And such a scenario is one in which nobody wins.
Source: business2community.com
Source: European Gaming Media and Events
A partnership between game developer Turbo Games and iGaming solution provider and aggregator Slotegrator began in November 2022 via the APIgrator game integration solution. Since then, the collaboration has been developing successfully — and now it’s time to analyze what made it successful.
Turbo Games has noticed how the new technologies spreading throughout the industry can work for the good of brand transparency and player loyalty: “We can already see how blockchain technology has made it possible to make betting checks more accessible to players. All you need is a blockchain-hash and a decoder service. We think we will continue to move in this direction. Many traditional online casinos do not offer the possibility to check the bet. Sooner or later we all have to come to this. Perhaps the development of artificial intelligence will help here, because we are already seeing its involvement in all spheres of human life.”
Turbo Games specializes in provably fair games. Provable fairness is a concept where players can verify their wins or losses using blockchain technology — the outcome of the game is dictated by a smart contract and is absolutely random, barring the possibility of any human involvement. Using cryptographic hashing algorithms, the gambling site and the player’s device both generate seeds (random strings of numbers). Players receive a key that allows them to check the results; if the results are the same as the game round they witnessed, it proves that there was no foul play.
According to statistics from Turbo Games, the audience for provably fair games is mostly between 18 and 25 years old. However, there are also players aged 35-40 who prefer traditional games but would like to try something new, and have turned their attention to provably fair games.
There are good odds that the technology of provably fair games will become more popular, if not even commonplace, because it gives players a feeling of transparency and proves that the business is trustworthy without the need to search through dozens of reviews. Whereas many innovations in iGaming simply add entertainment, provable fairness addresses security concerns and reassures players that they’re not being exploited, which is invaluable.
Provably fair games are beneficial for both players and online casinos. Vadim Potapenko, Head of Sales at Turbo Games, comments: “It often happens that the users are not satisfied with the result, because gambling is not only about big wins, but also possible losses. By allowing them to check the fairness of a bet, we make life easier for platforms and players. Of course, this allows us to communicate with partners and users that we work honestly and that’s why they should trust our games.”
Ayvar Gabidullin, Business Development Manager at Slotegrator, adds that “this type of game is now becoming more and more popular and has great potential for both players and game providers in the future. On the part of the player, the advantage is that the player can always be sure that his game is fair and he can independently check any of his bets. And for the game provider, this also simplifies the process of implementing casino games, since now it will not be necessary to obtain the appropriate certificates from independent laboratories before launching new games, they can immediately enter the market with these games and where anyone can check the result and make sure that that there is no cheating with players. Many game providers are starting to look towards this type of game. And as far as I see, many operators are starting to think about adding these games.”
What do players in 2023 need? The iGaming industry is all about reputation and trust. Players have a huge number of platforms to choose from, making them pickier and pickier. There’s an abundance of forums where players leave reviews, so if players view a brand as untrustworthy, there are plenty of places they can share their opinion. Provable fairness not only stops that from happening, it provides evidence to the contrary, giving players something else to talk about.
Slotegrator also recommends investing time and effort into localization and creating an effective and detailed marketing strategy — before trying provably fair technology players need to get to the platform, and there is no acquisition without marketing.
ABOUT SLOTEGRATOR
Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.
The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.
The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.
Slotegrator also provides consulting services in gambling license acquisition and business incorporation.
More information: https://slotegrator.pro/
ABOUT TURBO GAMES
Turbo Games — a provably fair games provider that belongs to Turbo Stars company — has an ambitious goal to establish widespread recognition throughout the iGaming world. Even though it is young, the company consists of professionals who have been working on the brand for over five years and are even planning to introduce a new brand for a wider audience soon.
Turbo Games also works in Europe, India, and South Africa, where the company sees the most potential and expects the same “hype” as in Brazil.
The portfolio of Turbo Games consists of 21 titles, including well-known games like Mines, Crash X, DoubleRoll, Hi-Lo, and Plinko. The studio releases a game every month. However, not all games are developed from scratch. Wicket Blast and Spin Strike, the last two releases, are based on cricket and the Indian Premier League. Crash X remains the most popular fast game in the Turbo Games portfolio, and the studio reports that crash games enjoy stable levels of popularity. Overall, the main focus of the brand is provably fair games.
More information: https://turbogames.io/
Looking to take your career to the next level in the games industry? Then, Nordic Game Talents is the place to be! Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.
From Oct 27-29, the online and interactive event is dedicated to recruitment and career building in the creative & games industry within the Nordic region. The event empowers participants to be part of a bigger community and motivates them to explore new paths in achieving their career goals.
Hiring creative & games studios – Supercell, Funcom, Panzerdog, Tactile Games, Gamecan, Fingersoft, Dazzle Rocks, Redhill Games to name a few from the Nordic region will be participating in the event. These studios will share information on their latest projects, work culture and what it takes to be part of their team. The individual games associations from Finland, Denmark, Sweden, Norway and Estonia will share insights through live sessions on the booming games industry in their respective countries. Career development topics pertinent to job seekers like – How to have a successful first interview, Creative Portfolio reviews will also be discussed.
Experienced game industry professionals and individuals beginning their careers from around the world are welcome to join the event. One-to-one interviews with the hiring studios can be scheduled through the event platform. A great opportunity to get to know the studios and network with game professionals from around the world.
Participating in the event
As a job seeker attending Nordic Game Talents, take a few minutes to fill out a simple registration form. After filling the registration form you will receive a link to the online event platform – PINE, to join the event on 27th October. Participants joining Nordic Game Talents will also receive a free-of-charge pass to the Nordic Game Conference.
To view the complete agenda, please click here and to learn more about the event please visit Games Job Fair
About Games Factory Talents
A Helsinki-based talent attraction agency dedicated to the games & creative industry. Our services include direct recruitment, organizing game job fairs and managing a community of game industry professionals through our GameDev Talent Board.
To learn more about Games Factory Talents visit – Games Factory Talents
810 THE SPREAD
Cumulus Media Launches 810 THE SPREAD, the Bay Area’s First Sports Station Focused on Sports Betting
Cumulus Media (NASDAQ: CMLS) announces that it has launched the Bay Area’s first Sports radio station focused on sports betting, 810 THE SPREAD. The new station brings sports and sports betting news, information, and insights to the burgeoning and underserved sports betting audience in San Francisco. 810 THE SPREAD will deliver behind-the-book perspectives from experts in a highly entertaining and engaging format. 810 THE SPREAD goes live today on the legendary 810am frequency that has been the 80-year home of historic Talk Radio KGO-AM. Cumulus San Francisco also launched the station’s new website at www.810thespread.com. Kevin Graham, Program Director of Cumulus’ sister sports stations KNBR 680AM/104.5FM and 1050 KTCT, adds Program Director duties for 810 THE SPREAD.
Larry Blumhagen, Vice President/Market Manager, Cumulus San Francisco, said: “810 THE SPREAD joins our sports brands KNBR 680AM/104.5FM and 1050 KTCT for a trifecta of dynamic sports content across four signals and streaming everywhere. We are excited about this new chapter and look forward to serving the Bay Area’s passionate sports fans in an incomparable way.”
Blumhagen added: “This is a bittersweet day for us, as it’s hard to say goodbye to the legendary KGO, which has been a part of listeners’ lives for so many years. We want to thank all the people who have been a part of KGO’s historic run these many years – and the listeners who loyally tuned in to the station. Times change, and we must change with them.”
Kevin Graham, Program Director, 810 THE SPREAD, said: “810 THE SPREAD will be the Bay Area’s best bet for sports fans and sports betting enthusiasts, and we are pleased to introduce sports-betting radio to our community. The station will feature a lineup of expert personalities that deliver unique sports talk and sports betting insights that entertain, inform, and engage, along with Cal Football and Basketball as well as select professional and college sports play-by-play events. While 810 THE SPREAD will feature specific gambling information, we believe our entertaining presentation will make it a favorite for all Bay area sports fans and a perfect complement to the legendary KNBR and KTCT. With its addition, it truly shows Cumulus’ commitment to the Bay area as ‘The Sports Leader’!”
The weekday programming lineup for 810 THE SPREAD includes:
6am-9am – Bet QL Daily – The must-consume show for sports fans and betting fans alike. Hosted by Joe Ostrowski, Joe Giglio, and Erin Hawksworth.
9am-12pm – Jim Rome - Aggressive, informed sports opinions, rapid-fire dialogue, and plenty of sports smack. As one of the most prolific sports talk hosts in America, Rome draws massive tune-in with legions of fans known as clones, who live for Rome’s take on the day’s largest issues in sports.
12pm-4pm – You Better You Bet – Nick Kostos and Ken Barkley have you covered for the best bets on the biggest matchups, the latest line movement and updates in the futures market. We’ll have up-to-the-minute coverage of backdoor covers and bad beats, and the cheers and tears that come with them. It’s sports betting conversation like you’ve never heard before.
4pm-8pm – Bet MGM Tonight – Live sports betting updates for all the night’s games as they happen – plus live “look-ins” for Major League Baseball games in progress. Get the latest scores, sides, totals, props, parlays, futures, and much more with hosts Quinton Mayo, Trysta Krick, and Ryan Horvat.
8pm-12 Midnight – CBS Sports Radio
BetQL Network programming is provided by Cumulus Media’s Westwood One through a partnership with Audacy.
For more information or to stream 810 THE SPREAD, visit: http://www.810thespread.com.
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