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
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 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.
SoftGamings, the market leader in iGaming solutions and services, announced the arrival of the Tobique Gaming License on the market. The move reflects the company’s commitment to enhancing regulatory compliance and expanding its footprint in the competitive iGaming industry.
Tobique Gaming, managed by the Tobique First Nation in western New Brunswick, Canada, oversees the issuance of online gambling licenses through the Tobique Gaming Commission (TGC) — a regulatory body established under the Tobique Gaming Act of 2023. This initiative is known for its stringent standards and emphasis on responsible gaming. Furthermore, it promotes economic development within the Tobique First Nation community.
The Tobique Gaming license provides operators an entry point into the online gaming and gambling industries. With it, businesses and iGaming operators can conduct operations in various global regions and offer multiple services, from betting to casino games and lottery promotions. The best of all is the streamlined application process, which lasts only 4 to 6 weeks.
SoftGamings is fully prepared to support clients and those interested in obtaining this license. Leveraging its innovative technology and diverse game portfolio, SoftGamings is ready to support clients in navigating the application process and leveraging the benefits of the Tobique Gaming License. The company’s comprehensive services include game development, casino management systems, and payment integrations, making SoftGamings a preferred partner for numerous operators and developers worldwide.
Consequently, helping the clients obtain the Tobique Gaming license and being an entry point represents a significant milestone in SoftGamings’ ongoing efforts to refine its service offerings, maintain the highest standards of gaming integrity, and bolster its regulatory standing. As the company moves forward with this licensing process, it anticipates a positive impact on its operations and continued success in delivering exceptional gaming solutions to its global clientele.
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