Legislation – Bitcoin Slots.us

How New Missouri Crypto Gambling Bill Is Paving the Way for 2024 and Beyond

Posted on February 7, 2024 by Aaron Decker

A groundbreaking measure that aims to protect the usage of Bitcoin and other cryptocurrencies has been filed by legislators in Missouri. This represents an exciting opportunity for the rapidly growing community of cryptocurrency gamblers. The measure, championed by Rep. Phil Christofanelli and emulated by Sen. Eliot Bostar in Nebraska, protects users’ gaming, mining, and self-custody rights.

The Details

Backed by the Satoshi Action Fund, the Blockchain Basics Act is a watershed moment in the never-ending fight to safeguard and encourage the use of digital assets. The Fund’s goal is to ensure that current laws do not hinder innovation in the blockchain and cryptocurrency industry by pushing for policies that are favorable to these industries.

One of the most promising aspects of this bill is its potential to unlock the full potential of crypto gambling. Online casinos are currently unregulated in Missouri, thus players there have no other option except to use offshore sites. But if the state passes laws that are favorable to bitcoin casinos, Missouri might see more activity in the sector.

The mainstreaming of cryptocurrency in the gaming business also has the potential to bring about a sea of change by providing gamers with more safety, transparency, and ease.

In addition to its implications for the gambling sector, the measure provides crypto miners with greater freedom to operate outside the usual constraints of the business. This encourages mining and secures and decentralizes blockchain networks, which are essential to cryptocurrency robustness and sustainability.

Expected Ripple Effects

Looking ahead to 2024 and beyond, the passage of this bill could signal a seismic shift in the landscape of crypto gambling. If this measure passes, the cryptocurrency gaming industry may undergo a dramatic transformation by 2024 or later. More and more digital assets may find their way into the gaming environment as cryptocurrency continues to gain public adoption. The development coincides with larger social movements towards digitization and decentralization, signaling a pivotal time for the gaming business.

In the broader context of US crypto regulations, the bill represents a step towards greater clarity and consistency. Some states have adopted crypto-friendly rules, like Texas, and those that have enacted strict restrictions, like New York. Nevertheless, new developments, like the SEC’s clearance of spot Bitcoin exchange-traded funds, indicate that the significance of crypto in the financial world is becoming more recognized.

AGS Gets Pa. Slot Machine & Table Games Manufacturer License

Posted on October 10, 2018October 10, 2018 by Abe Efe

AGS, formerly known as the American Gaming Solutions, has recently been awarded a license to manufacture slot machines and table games by the Pennsylvania Gaming Control Board. That said, the electronic gaming devices and table products designer and supplier will be able to deploy its gaming products in all of the Keystone State’s 12 licensed brick-and-mortar casinos, something that David Lopez, the company’s president and chief executive described as a huge milestone.

“The two Pennsylvania licenses represent a huge milestone for AGS, as we continue to expand our presence into new markets for our company. This is huge news for AGS and we can’t wait to start talking to Pennsylvania’s gaming operators about how we can deliver a great player experience and operating efficiencies with our innovative slot and table solutions,” David Lopez commented.

AGS expects to begin deploying its slot machines and table game products in the aforementioned Pennsylvanian casinos early next year, which is perfect timing since a number of the betting activities will kick off at around the same time considering how the statewide gambling expansion plans have been going so far – the move to award AGS with the manufacturing licenses follows from last week’s announcement that the gaming control board had approved the first two sports betting licenses in the state.

Prior to that, the Pennsylvania Gaming Control Board also approved interactive gaming licenses for a good number of the casinos that had applied. Hopefully, the entry of AGS into the Commonwealth’s gaming industry will trigger more improvements through collaborative efforts to deliver great gaming experiences to customers. Dauphin County-based Hollywood Casino and the Bensalem-based Park Casino, the first two casinos to be awarded sports betting licenses by the PGCB, will hopefully have their sports betting operations up and running by the time AGS begins to roll out its products but this does not dispel the opportunity for collaboration. In fact, all things considered, it is inevitable.

At the moment, the Commonwealth’s gaming industry consists of two resort casinos as well as 10 standalone and racetrack casinos, all generating about $1.4 billion in slot machine and table game tax revenue.

Why AGS?

It came as no surprise that the gaming control board chose to award AGS the manufacturer license. This is primarily because the gaming product designer and supplier has made a name for itself as global innovation powerhouse with a reputation for creating a diverse variety of immersive and entertaining gaming experiences that appeal to several different kinds of players.

The company has often leaned more towards the Class II Native American gaming market but this has not stopped it from growing and developing a customer-centric culture that has led it to become a leading all-inclusive commercial gaming supplier.

Google Lifts Its Ban on Cryptocurrency Advertisements

Posted on September 26, 2018September 25, 2018 by Abe Efe

Earlier this year (in March), Google announced a cryptocurrency ad ban that it went on to roll out in June – these were intended to protect its consumers and involved wallets, trading services, and Initial Coin Offerings (ICOs). This is all about to change with the company on September 25 ending the ban on cryptocurrency advertisements.

In a new update to its advertising policies, the company emphasizes that at the ads that would be allowed would only be those of “regulated” trading sites.

“The Google Ads policy on Financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan,” Google explained. “Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October. This policy will apply globally to all accounts that advertise these financial products. For more details, see About restricted financial products certification. The Financial products and services page will be updated once the policy goes into effect.”

Google was one of the tech companies that moved to prohibit cryptocurrency advertisements alongside Twitter and Facebook, though the latter later relaxed some of the restrictions it had placed on cryptocurrency-related advertisements. Google’s ban was so wide-ranging that it affected offerings from both legitimate wallet services and trading professionals.

This crackdown on crypto went on to rapidly spread across the internet leading to various bans from other companies, including LinkedIn, MailChimp and Snapchat. Even though this was meant to stop or at least slow down scammers on the internet it also whipped out legitimate blockchain projects which in turn slowed down adoption of digital currencies, stifled promotion and stoked more fears about mainstream acceptance of crypto.

The Reason Is Yet to Be Known

As is it stands, there has not been a clear explanation as to why the tech giant has chosen to lift the ban barely four months after it imposed it. It is speculated that the company believes that the hype that surrounded crypto, as well as the negative side effects associated with the skyrocketing values, have finally died down are at least reduced significantly. Still, it is possible that Google is simply keeping its eye on the prize i.e., the valuable ad money that crypto will bring in.

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Google’s Scott Spencer said in June when the original ban was rolled out.

Treasury Committee Report Calls for Crypto Regulation

Posted on September 19, 2018September 19, 2018 by Aaron Decker

MPs on the Treasury select committee have recently issued a report that states that bitcoin and other cryptocurrencies are “wild west” assets that expose investors to a litany of risks and therefore, there is an urgent need for their regulation. The report further pointed out concerns that consumers were left unprotected from the unregulated crypto market which also happens to be a conduit for criminal activities such as money laundering and illegal trade.

Apparently, the government and regulators have not been proactive in handling the arising issues that are associated with the crypto market – according to the Treasury Committee.

“Crypto-asset investors are currently afforded very little protection from the litany of risks. Namely, there are no formal mechanisms for consumer redress, nor compensation,” said the committee. “As the government and regulators decide whether the current Wild West situation is allowed to continue, or whether they are going to introduce regulation, consumers remain unprotected.”

Cryptocurrencies are currently covered by the Financial Conduct Authority (FCA), the City regulator, and there are still no formal mechanisms for investor compensation or consumer redress, something that Nicky Morgan, a conservative MP and the chair of the committee, says is unsustainable.

“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” Nicky Morgan said. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced… It’s unsustainable for the government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting. At a minimum, regulation should address consumer protection and anti-money-laundering.”

The Treasury Committee believes that there should at least be some regulation to add customer protection and fight money laundering. All of these issues stem from concerns regarding the volatility of digital assets – the prices of cryptocurrencies were so volatile that while the potential gains are quite large, so are the potential losses.

“The FCA agrees with the committee’s conclusion that bitcoin and similar crypto-assets are ill-suited to retail investors, and as we have warned in the past, investors in this type of crypto-asset should be prepared to lose all their money.”

The Treasury Committee’s recommendations have been noted and echoed by a number of stakeholders in the cryptocurrency industry including CryptoUK, a self-regulatory trade association for the United Kingdom’s digital currency industry.

“As an industry, we have been calling for the introduction of proportionate regulation to improve standards and encourage growth,” said Iqbal Gandham, the chairman of CryptoUK. “Self-regulation by the industry was always intended to be a starting point – this must now be matched by government action.”

India Considering Crypto Tokens for Financial Transactions

Posted on August 14, 2018August 28, 2018 by Abe Efe

Indian authorities have recently revealed that the country has been exploring tokenized datasets and other cryptographic forms of blockchain technology albeit while still maintaining their rather unfavorable stance towards cryptocurrencies citing their potential role in unlawful activities such as money laundering. As such, the prevailing ban on cryptocurrencies is likely to continue regardless of the government’s interest in issuing digital tokens for financial transactions.

“There are lots of issues that need understanding and lots of studying needs to be done,” a government official who requested to remain anonymous said. “Blockchain is an interesting thing. We definitely want to milk it effectively for financial transactions. So all officials are really trying hard to understand how to separately use blockchain, without cryptocurrency. And understanding a new software takes time.”

According to local Indian news outlet, DNA India, the country’s government have been considering the applications of crypto tokens in several different areas. However, as clarified by the new outlet, the government has excluded any use of cryptography and blockchain technology for the purposes of cryptocurrencies or any other sophisticated means of money transfer and international transactions. In fact, the officials believe that the crypto-tokens, including the ones they are exploring, do not themselves hold any inherent value. Instead, they represent an underlying asset that is only accessible to the private key holders. This implies that the crypto tokens will certainly not be serving as a substitute for fiat currency but will be representing an underlying value so as to enable faster and more transparent payments.

“One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as a regulatory point of view. But in the case of cryptocurrency, one needs to allow it as a legal tender first,” the DNA India report explained.

Spearheaded by a Committee

India’s finance ministry has since set up a committee headed by the secretary of the Department of Economic Affairs (DEA) for this initiative. The committee has been tasked with working on a set of regulations and a roadmap to guide the use of the proposed assets in India. A drafty of these regulations, once drafted, will be forwarded to the country’s parliament for further approval.

“The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that [while] the currency is totally banned, the committee is discussing its other uses and how it can be mainstreamed in India,” Subhash Chandra Garg the DEA secretary, who is heading the committee, said.

Illinois Online Gaming Set For Hearings in November

Posted on August 4, 2018August 6, 2018 by Aaron Decker

As it stands, most states that chose to examine online poker legislation in early 2018 moved to abandon it, at least until their next legislative sessions kick off next year. Not Illinois though. The state is set to be the next state to fully launch its online gaming industry, a process that will begin when they create a regulatory framework for legalized sports betting.

There are high some pretty expectations following the announcement by a lawmaker who intends to push for comprehensive gaming expansion that will encompass sports betting, online casino games, online poker as well as daily fantasy sports. The lawmaker, Representative Bob Rita who is also the head of the Illinois House Subcommittee on Gaming Sales and Other Taxes, believes that by advancing the proposed regulatory framework bring “tremendous opportunities to create revenue, jobs, and economic growth” in the state.
The lawmaker will be bringing together the two House committees in the coming weeks so as to coordinate efforts for a significant gaming expansion bill that promises a number of economic opportunity initiatives. The first of these subcommittee hearings is scheduled for August 22 with the following shortly after on October 3.

“As I have said from the beginning in working on this issue, gaming expansion presents many tremendous opportunities to create revenue, jobs and economic growth in Illinois,” Rita said in a press release. “The gaming landscape has changed significantly since I took on this issue five years ago, and I want to use these hearings to understand how those changes present new opportunities for us to put the right package together as we look to meet budget needs and provide a spark for our economy.”

The primary focus of the hearings, according to WCSJ News, will be to address the possibility of not only online sports betting but also other forms of online gambling. It is hoped that the hearings will assist the lawmakers in better understanding of the issues that need to be addressed as far as sports betting is concerned. The lawmakers will be returning to the capitol in November – shortly after the mid-term election – for the fall veto session and when this comes to an end we will have a clearer picture of the future of online poker in Illinois.

Too Early To Get Their Hopes Up?

Online poker fans residing in Illinois have quite a lot to be hopeful about. This is because the desire for sports betting and daily fantasy sports in the state is strong and since these issues are certainly going to be discussed rather explicitly during the hearings, the push for online gambling is also going to be just as prominent. The inclusion of online poker and other online casino games is being considered by very many of the state’s casino simply because they have seen the benefits similar initiatives have brought to Atlantic City, New Jersey.

Tag: Legislation