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There are currently no formal rules governing bitcoin gaming in the Netherlands. Since digital currencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and others are not illustrious as legal tender in the Netherlands. Additionally, none of the land-based casinos there accept them.
What precisely is a crypto casino and how does it work?
A cryptocurrency casino is a gambling site that accepts cryptocurrencies as deposits to play your favorite games. This means that you can wager at the casino using Bitcoin, Ethereum, Litecoin, or any other crypto that is accepted by the online casinos.
Casinos that accept cryptocurrency operate similarly to conventional online gambling sites. Players can register for an account, deposit money, and play games to win cash. The main difference is that bitcoin is the major method of payment in crypto casinos, unlike the gambling sites you can find on the comparison sites, such onlinecasinoraad.nl.
Cryptocurrency casinos are becoming more popular as a result of all the advantages they provide. For instance, because they employ blockchain technology, they are frequently more secure than standard internet casinos. This makes it very difficult for hackers to obtain player data or tamper with game outcomes. Additionally, compared to traditional online casinos, crypto casinos frequently offer low transaction costs, which appeals to gamblers.
What is the KSA?
The KSA, also known as the Kansspelautoriteit, is responsible for overseeing all forms of gambling in the Netherlands, both on-site and online. The Dutch laws governing secure, legal, responsible, and fair gambling are under the regulation of this independent administrative organization.
These are its key goals, according to the document.
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Safeguarding customers.
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Preventing a problem with gambling.
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Fighting crime and illegality.
In addition to these three principles, the KSA is mandated to do the following four tasks:
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Regulating the video game industry.
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Continuous monitoring.
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Fostering the prevention of addiction
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Imparting knowledge and information
All potential providers of gambling games in the Netherlands must obtain a license from the KSA. Additionally, providing chance-based games without an iGaming license is not legal. This also applies to distant providers, such as those that run websites with slots, live casino platforms, online sportsbooks, bingo sites, online lotteries, and more.
What are the current guidelines for online casinos?
The Netherlands' Gaming Law, Gambling Tax Law, and various other gambling-related regulations underwent an official revision on February 20, 2019. This revision concluded that remote gambling is permissible in the Netherlands by both local and foreign customers.
Nevertheless, operators must make an application to the Kansspelautoriteit in order to obtain a remote gaming license. Casinos must adhere to the āWet Kansspelen op Afstand" or The Remote Gambling Law.
Even though the law was passed in 2019, it wasn't until October 2021 that Dutch online casinos became legal. The law contains laws for treating gambling addiction, regulating fair games (like fairways to win at slot machines), and taxing gambling gains.
Additionally, on October 2021, several operators acquired their licenses and were able to participate in the market, but not all licensing applicants did. Some candidates in this first batch have been eliminated by the KSA, while others are still on the hunt but need to make changes.
The KOA law applies to the following video games:
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Bingo.
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Live casino games including baccarat, blackjack, and roulette.
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Lotteries.
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Poker.
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Slot machines and other gaming systems.
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Sporting events.
Options for payment and limitations
The regulation also makes it difficult for Dutch gamers to play at internet casinos without a Dutch gambling license. Financial service providers are under specific instructions to prevent payments between participants and now-designated āillegalā suppliers.
To put it another way, it has become more challenging for Dutch players to continue playing at international online casinos. For instance, Skrill and Neteller, two well-known casino payment processors, are no longer permitted to handle casino transactions in the Netherlands.
Tax on gaming
Of course, this is where the gaming tax, one of the most contentious levies, comes into play. If the gross operating profits are ā¬499 or more, Dutch players will be required to pay tax on their casino or online gambling winnings. A hefty 30% is the standard rate. The tax is cut automatically by the gambling provider from net profits once and calculated on a monthly basis.
Limits on age
Gamers must be at least 18 years old to wager on sports or play casino games online, which has always been the norm. The restriction is that only people over the age of 24 may receive bonus offers or other incentives on top of that.
The license holder may seek a copy of an ID in order to verify the applicant's age and authenticity. Although identity is frequently acceptable by a transfer made using iDEAL, Trustly, and PayPal.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.