In the early years of online gaming, there were no regulatory guidelines. Online casinos and gaming had free range to do pretty much whatever they pleased. And they did just that. Since the late ’90s, that has all changed. Regulations and licensing designed to protect consumers have been instituted. To date, regulators have avoided or at least not publicized any progress towards approving cryptocurrency and blockchain for igaming.
This could all be changing again. We don’t know exactly when this will happen with regards to US regulators integrating cryptocurrency with gaming. One of the legal representatives for gaming industry clients is Jeff Ifrah.
“It’s a very exciting space right now, and I hope regulators don’t ruin it,” said Jeff.
Through his many years practicing law in this area, he has seen regulators take potentially successful business opportunities and make them unsuccessful.
The industry is pushing for legislation to allow cryptocurrencies and tokens to be integrated into many gaming operations. Payment processing is an area of opportunity being explored here. Micropayments happening faster and less expensive are far more attractive for all involved. Everything from placing bets to receiving payouts in the form of cryptocurrency could take place.
Aside from gambling sites, people who participate in online games like Fortnite and others could make purchases inside the game using cryptocurrency. Maybe you want to buy tools, weapons, skins, or other upgrades to personalize your gaming experience and make it more enjoyable. NFTs are a relatively new component of the gaming experience.
Many of which are being endorsed by organizations such as the NBA and manufacturers like Nike. It has not been decided whether these non-fungible tokens are a commodity and will require input from the SEC. No agency has taken up the arduous task of determining.
US regulators will likely have to focus on establishing guidelines and regulations encompassing all uses of cryptocurrency in all gaming at some point down the road. The consumer is also a large part of the driving force behind this new technology and direction. The gaming community can carry some strong influence when it pulls together. Smart money bet on approval in the near future.
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