Blockchain traceability pitched as aid to betting compliance

A panel of igaming executives has shared their enthusiasm for blockchain technology as a way to build better traceability in their compliance processes.

Speaking at the Isle of Man eGaming Seminar Shelgegyr designated official for crypto Kendra Ross discussed engagement between cryptocurrency and blockchain in the gaming industry.

“Crypto is anonymous and it is traceable, when you look at my transaction it’s easy to step back and see where each of the small transactions that make up my bigger one came from”, she said. “I can actually follow that transaction trail back in time to the beginning of the blockchain network – hundreds of thousands of steps – and can follow it forward in time too.”

Ross argued that such transparency would enable deposited money to be traced and monitored by betting operators, before entering an account, complying with know-your-customer and anti-money laundering requirements.

MuchBetter head of gaming Mark Sperring added: “We find that some operators have got issues with accepting cryptocurrencies. It’s certainly an important part of our business, and people talk about how the source of funds is not known, if anyone’s opened a crypto wallet, they are regulated businesses, and you have to verify your identity.

“A lot of operators are looking at integrating crypto payments directly, and there are a lot of operators out there with a whole business model based around crypto, that’s what they take. I guess they have to look at it from a compliance point of view, quite often that does drive what these operators do, but it is certainly being looked at.”

On the same panel, Capital Bank International head of bank products and propositions Paul Smith spoke about the adoption of emerging payments methods, including crypto. “It’s less about the crypto but more about the activity that underpins it and the compliance that sits around that”, he said.

“I think it’s going to be an ongoing challenge but I don’t think it relates to the payment mechanism, I think it relates to the activity and making sure that it’s well controlled and regulated.”

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

Similar News