How Malaysia’s Cryptocurrency Regulation Affect Online and Mobile Casino Gambling

Cryptocurrency, gambling, ,

Recent surveys show Malaysia’s government and people are quite interested in seeing cryptocurrency, particularly bitcoin, become widely used in the country. In recognizing the need to stay incognito while engaged in online gambling in Malaysia, remote gambling operators also offer bitcoin mobile casino sites. Staying anonymous when in remote gambling sites is of utmost importance since Malaysia still has not passed laws to regulate online gambling.

According to Malaysia’s leading cryptocurrency exchange site Luno, about 55% of those who responded to their survey are knowledgeable about blockchain technology. In addition, 39% of the survey respondents also indicated having ownership of at least one type of cryptocurrency.

That is why it isn’t a surprise at all why the government of Malaysia has already legislated a framework for regulating cryptocurrency transactions, particularly bitcoin (BTC). Since 2019, the Malaysian Securities Commission (MSC) has been designated as the primary regulator of cryptocurrencies. Mainly because under Malaysian laws, digital money are considered as investment assets when traded as securities.

What Does It Mean if a Cryptocurrency Exchange Operator is Licensed by the MSC

MSC’s regulations mainly focus on ensuring the protection of crypto money owners when trading their digital assets. That being the case, operators of cryptocurrency exchanges and providers of initial coin offerings (ICOs) are required to register with the MSC along with the submission of required documentations. Those found non-compliant with the basic requirements could face a 10-year jail term and pay fines of up to $2.4 million.

However, granting of authorization to operate as a cryptocurrency exchange is still subject to MSC’s assessment. Operators who do not meet the criteria, specifically in establishing their legal identities do not qualify, being an important requirement under international Anti Money Laundering laws. Other vital criteria include showing proof of the security measures instituted by the exchange operator, in protecting the digital assets of cryptocurrency investors.

As far as the MCS is concerned, the agency’s main concern is cryptocurrency trading, or buying and selling of cryptocurrencies. The use of digital money to pay for goods and services is not considered as trading transactions and therefore not subject to the scrutiny of the MCS.

That being the case, using one’s digital money to buy online casino chips or to place as deposit to one’s online casino account is not part of the transactions being monitored by the MSC.

Availability of Bitcoin ATMs in Malaysia

In Malaysia there are around 10 BTC-ATMs in operation, which allows Malaysian citizens to use cash when buying BTCs directly from an ATM. Although doing so requires payment of fees ranging between 5% to 10%, buying BTCs from an ATM is faster as the process does not require identity verification.

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Anyone looking to use BTC as mode of payment for buying online casino chips or credits for online or mobile casino gaming, can simply buy BTCs to load in the digital wallet linked to their online or mobile gambling account. Among the trusted sites in Malaysia that accept BTC and other types of cryptocurrency as modes of payment are mega888, scr888, kiss918, 918kiss,, live22, and lucky palace, which is just to name a few.

How the Rise in Bitcoin Prices is Affecting Crypto Gambling Operators

Cryptocurrency, gambling, , ,

Crypto Gambling is simple enough for punters, but the continuing phenomenal growth of bitcoin has been complicating matters for bitcoin casino operators. As it is, the hazards of accepting bitcoins and altcoins as deposits are manifesting themselves in different ways.

Most crypto gamblers are realizing the practicality of holding on to their bitcoins and ethereum. As a result, they are now withdrawing their crypto deposits instead of letting them stay in their crypto gaming accounts.

After all, they would be better off trading their crypto money while the demand is still high; as opposed to staking them as betting money on high-risk casino games. Now here’s the thing, what if there are more requests for crypto withdrawals than crypto deposits? How will the occurrence affect crypto casino operators?

How Crypto Casinos are Affected by the Soaring Bitcoin Prices

On their part, bitcoin casinos have to meet the withdrawal request also in digital coins, so they can fulfill the “smart contracts” covering the agreement between crypto casino customers and operators.

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However, the influx in crypto withdrawals and the absence of crypto deposits are draining the bitcoin casinos’ own BTC hoards.

As a consequence, some operators have no choice but to buy BTCs at the current high price, which today has soared way higher than many had anticipated.

The same trend is happening in Ethereum casinos, and in fact has greater effect. Mainly because ethereum (ETH) casino players have to pay fees to cover the costs of GAS associated with transactions processed in the Ethereum Virtual Machine (EVM). ETH miners require the GAS fees, and since the volume of ETH transactions is likewise increasing, the GAS costs are rising as well.

The Gas cost and the EVM are factors that distinguish the altcoin from BTCs. While crypto casinos accepting BTCs can have their transactions processed on a decentralized blockchain ledger, ETH involves processing via the decentralized ethereum blockchain machine. In order to have an ETH transaction processed securely and successfully in the EVM, payment of GAS fee or gwei that is equivalent to a small fraction of the ETH value to be processed, is required.

Yet ETH miners can refuse to process ETH transactions between crypto gamblers and casino operators if they think the fees they will collect, are not worth their time and trouble.

While there is still a lot to be understood about GAS fees and EVMs, a rise in the cost of ETH processing will likely result in the increase of GAS fees collected from ETH casino players. If so, ETH asset owners will think twice before using their ETH as gambling money. More so now that the altcoin is being anticipated as the next important crypto money after bitcoin.

How The Lottery Industry Can Be Transformed By Blockchain

Cryptocurrency

Lottery Balls

 

The lottery is famous all around the world for several decades. Plus it growing at an alarming speed. It is average growth speed is over 8%, which is nearly 3 times the entire world market.

A lot of men and women think about the lottery for gaming merchandise, but it’s a large volume business that may also be known as a commodity. The lottery business keeps a 29 percent share of the whole worldwide gaming earnings. With modern technology, this area also will come with many improvements like lottery programs, online lottery such as those reviewed by thenyic, etc. However, with the increase of the electronic market, the business faces challenges such as the absence of transparency and equity, geographical constraints, and so forth. Among the most usual requirements is equity and transparency with innovative technologies such as blockchain.

Let us find the problems faced by the business.

Issues with The Conventional Lottery Business

1. Deficiency of transparency

It’s but one of the biggest problems faced by conventional lottery. Due to the centralization, lottery organizers have absolute control over several variables like- What’ll happen to all concerning the cash obtained from ticket revenue? The way to configure the RNG mechanism? The way to make winnings? Where’s the record go? The general confidence in lottery tickets along with their decency is decreasing, which has prompted the certainty that coordinators would be the most lucrative organizers.

There are various instances of fraud in federal lotteries that need to be cleared. Nearly, 50 percent of their overall funds obtained from lottery revenue are employed for jackpots. There is a rather low probability of winning large prizes(1 from 14 million wins 6 months from 49 Powerball), which isn’t economically beneficial to take part in the lottery game.

2. Geographical limitations

The domestic market is little to the lottery. If a person would like to take part in global lotteries, they’ve got any limitations. It’s restricted to the state where it’s conducted. It limits the prize pool and doesn’t increase the possibility of winning a trophy. Whatever the circumstance, it may seem to be coherent fewer participants imply a more notable likelihood of winning; the more conventional lottery arrangement is not the circumstance.

A lot of the moment, nobody figured out the way to acquire a month or two, prompting additional draws, which occasionally lengthened the procedure substantially. At precisely exactly the exact identical period, the jackpot ratio decreases with every succeeding draw, which can be rewarding for lottery enthusiasts. In a few nations, lottery winnings have been taxed.

3. Old strategy

Online lotteries permit you to take advantage of the house but they have a few disadvantages. They aren’t popular in the neighborhood and therefore lessen the jackpot. They also have low safety which contributes to fiscal frauds. While offering a greater prize pool, federal lotteries ask that you purchase traditional lottery tickets. Users can shed tickets that may make your probability of getting prizes to fall to zero.

 

ALSO READ: Judi Online, Bitcoin Gaming, And The iGaming Industry

 

How can Blockchain Lottery Platform operate?

1. Subscribe

At step one, participants will need to register until the stage and become part of it using all the simple information like title, wallet, address, email id, and telephone number. A prosperous sign up compels you to find regular alerts and alarms around ticked openings.

2. Ticket openings and installation of those Wise contracts

Announcement of ticket openings is completed by admins and notification is delivered to the consumers. In addition, they deploy intelligent contracts comprising pre-characterized principles for lottery matches for equity and transparency. The smart contract confirms that the data shared to routine from the machine and provides security to this information.

3. RNG using blockchain

The RNG algorithms can also be categorized and made accessible to anybody, making it unthinkable for lottery coordinators (or some other person, if an outside assault happens to control them to their benefit. Blockchain can take care of the issue of a classic lottery fraud.

4. Assessing the history of documents of trades

Because of blockchain, players may follow the background to understand who’s won the jackpot and whether the wins and commissions are paid outside as described in the wise contracts.

Just how blockchain can enhance the lottery market?

1. Bright contracts

A wise contract is an electronic arrangement between the parties wherein computers apply terms and deliver transparency to any trade. With an internet blockchain lottery setup, rules that are apparent to all parties cannot be altered. Therefore no centralized authority is there to manage the sport, there’ll not be any concerns linked to winnings. The participant’s funds can legally go in the contract with no hindrance of intermediaries.

2. Privacy and Access

Usage of all cryptocurrency for the lottery is also really an extremely very really more valuable and popular option for casinos. It assists customers to gamble anonymously with no need to publish copies of files. Cryptocurrencies will make online betting available since it supplies a very low entry barrier to new gamers also permits them to prevent gambling rules employed to fiat money.

3. Traceability

As each one of the documents is saved on the blockchain, gamers may have a clear and traceable perspective of their stored transactions. Due to the traceability, they could reach into the origins of disputes if any other happens later on.

 

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