Bitcoin casino online sites are growing in popularity around the world. But did you know that for them to free to operate that they need licenses in Spain?
This decision was actually made a few years ago, though for many casino users it might still come as a surprise to learn that this is the case.
The move was made by the El Ministerio de Hacienda y Administraciones Publicas, which confirmed that it believes Bitcoin ought to be classed as an electronic payment system.
The ministry – known in English as the Ministry of Finance and Public Administration – said licenses, therefore, needed to be acquired by any casinos that allowed the use of Bitcoin.
This came as a surprise to a lot of casinos that had Bitcoin and other cryptocurrencies on their list of approved payment methods.
However, the reasoning behind the change in policy from the Ministry of Finance and Public Administration was simple. It was to avoid Bitcoin being used to launder money.
This is an accusation often levelled at Bitcoin and other cryptocurrencies despite the fact it is very rare that they are used for this illegal practice.
Indeed, the majority of people who use Bitcoin to play at online casinos in Spain and other parts of the world have absolutely nothing to do with money laundering or criminal activities.
Anyone who is looking for “el mejor casino online para jugar” has to, therefore, be aware of this change to the law when they are looking for a new Bitcoin casino to use.
Benefits of using Bitcoin at casino online sites
Using Bitcoin and other cryptocurrencies is increasingly popular at casino online sites. Many sites have added Bitcoin to the list of payment methods that they allow players to use.
Reasons why Bitcoin may be desired as a payment method at casino online sites are plentiful. One of the most important of these is to do with online security. When users make deposits into casino online sites by using Bitcoin, they do not have to hand over any personal or financial information to the provider in question. This is appealing to a lot of casino players nowadays.
Perhaps the second key reason a person might opt for Bitcoin payments at casino online sites is to do with the speed of withdrawals. Unlike a lot of the other payments, when a withdrawal is made in Bitcoin, the money will be immediately made available to the player.
When it can take more than a week to receive winnings through other methods such as debit cards, it is clear to see why Bitcoin is growing in popularity at casino online sites so quickly.
Furthermore, Bitcoins are not taxable so all of the cash a player wins will stay in their pocket. This is due to the fact that Bitcoins and other cryptocurrencies are yet to be recognised as a real-world currency, despite their usage becoming increasingly common all over the world.
It is clear that using Bitcoin at casino online sites is here to stay, despite Spain ruling that a special license needs to be acquired.