In June this year, Crypto.com’s COO, Eric Anziani, announced that the Central Bank of Ireland (CBI) had authorised the cryptocurrency platform to operate as a virtual asset service provider (VASP). He explained that this authorisation allows the company to offer a full range of crypto products in Ireland.
The authorisation that Crypto.com received from the CBI is something that any crypto company operating in Ireland must have. These rules are part of Ireland’s growing acceptance of cryptocurrencies and the government’s dedication to ensuring industry operators mitigate risk and adhere to due diligence processes.
The acceptance of cryptocurrencies in Ireland and the expansion of their use benefits several industries. These industries include travel and hospitality; the sector we will examine in this article is online casinos.
The benefits of crypto for online casino operators
Ireland already has a thriving online gambling market. Revenue from the industry is expected to reach €1.15 billion in 2024, and online casinos account for €0.65 billion of this revenue. The use of cryptocurrencies can potentially enhance this growth and create an improved player experience. There are several reasons for this, which we will examine in more detail.
Enhanced transparency and security
Blockchain technology enables the use of cryptocurrencies and enhances transparency. All transactions made using this technology are recorded on a public ledger, which makes them visible and less open to fraud.
So, online casinos that use this technology protect players by reducing the risk of data theft. Similar protection is offered by online casinos that use regular technology but allow cryptocurrencies as a payment method. In these cases, players can deposit funds and withdraw winnings without revealing personal banking information, enhancing their online security.
Increased player privacy
Using traditional fiat currencies at online casinos requires players to share private financial information, such as banking or card details. If an online casino embraces cryptocurrencies, players can keep their data private and use cryptocurrencies like Bitcoin and Ethereum instead.
Simple and fast transactions
Fast deposits and withdrawals are important in optimising the player experience at online casinos. Traditional banking methods can be time-consuming, but this is not the case for cryptocurrencies. Using them usually means that transactions are completed within seconds.
Rewarding players for loyalty
Online casino operators and players benefit from this use of cryptocurrencies. For example, using cryptocurrency technology means that operators can offer their own unique tokens as a reward for achievements or regular play. Reward programs can also allow players to collect and use tokens to achieve greater rewards.
The legal position of cryptocurrency casinos in Ireland
There are several laws in place that clarify the legal position of gambling in Ireland. These laws include the National Lottery Act of 2013, the Betting Acts of 1931–2015, and the Gaming and Lotteries Acts of 1956–2019. As yet, there are no laws concerning online cryptocurrency casinos and their use.
This means that the use of these casinos in Ireland is similar to crypto casinos in the USA, where legality is a grey area. In the USA, operators cannot open a crypto casino in the country, but it’s not illegal to use offshore crypto sites. These sites are popular with players, just as with players in Ireland.
Given the rising popularity and increased acceptance of cryptocurrencies in the country, laws permitting crypto casinos to operate on Irish soil may be passed at some point. Until then, offshore operators can benefit from the acceptance of cryptocurrencies in Ireland to improve transparency, enhance player security, quicken deposits and withdrawals, and offer unique rewards for regular play and achievements.
