In recent years, the use of digital assets on online casino platforms has incredibly increased. This offers casino players a great way to explore the gambling space. Despite the wide acceptance and popularity of the new way to enjoy gambling, not every country considers crypto casinos legal.
Countries such as China, Malaysia, Indonesia, and Thailand do not embrace crypto gambling. Nonetheless, several countries have received this casino type with open arms. Is Canada one of these countries? In this article, we will be delving into the legalities of crypto casinos in Canada. Let’s get right into it.
Factors to Consider About Crypto Gambling Laws
Gambling laws are crucial aspects when discussing the iGaming industry. They are formulated by the government of a specific country to create a safer environment for their subjects. For those looking for the best crypto gambling sites, there are two different ways to know if the government of the country the country where you reside supports the activity.
- The legal status of crypto assets
The first factor to consider is whether the use of digital currencies is legal within the jurisdiction. If crypto assets are illegal, crypto gambling will not be either. If you are in a country such as China, where crypto assets are banned, it will be unlawful for residents to participate in crypto gambling.
- The legal status of online gambling
The second factor to consider is whether gambling itself is legalized. As not every jurisdiction allows the use of cryptographic assets, not all countries allow online gambling. If you are a resident of countries such as Malaysia, Indonesia, and Thailand, it is against the law to gamble online.
So, if you are in a country that allows the use of crypto assets and considers gambling legal, you can visit crypto gambling platforms to enjoy your favorite games. Some of the countries that embrace crypto gambling include the United States, the United Kingdom, and several European countries. But what about Canada?
Crypto Gambling Laws in Canada
Canada is a fertile territory for the gambling industry. In 2022, records show that the value of the market size of the country’s gambling industry was USD 12.5 billion. This sounds interesting, doesn’t it? With this, it is established that online gambling is a legal activity in Canada.
Are crypto assets also legal? The answer is yes. This implies that when you gamble at crypto casinos in the country, you do not commit an offense. But it does not mean that there are no rules guiding the operations. So, you should do well to understand these rules.
Legalities of crypto casinos
Since it’s imperative to know the legal status of crypto gambling in the territory you find yourself in, we should discuss in detail the legalities of crypto casinos in Canada. Canadian gambling laws are not against the use of digital assets within Canadian casinos. Cryptocurrency is difficult to regulate, which is one of the major challenges that some providers face. Nonetheless, they have no choice but to follow the rules that all casinos follow in the country.
It is a law that every crypto casino in Canada must be regulated at a provincial level. But this same law does not stop Canadian residents from visiting casino sites based abroad. This implies that you may choose to use regulated crypto casinos in your province or use those outside the country.
Licensing requirements
In Canada, there are traditional casinos and online crypto casinos. These two casino types follow the same rules. The gambling laws in Canada strictly forbid crypto gambling without being regulated.
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