The regulation applies to digital currencies regardless of their status, for example whether they are considered securities or not. Under the proposed law, all digital currencies will be subject to the same framework and have to meet the exact same benchmarks.
As CryptoGamblingNews understands, the new regulation is specifically focusing on amending a loophole that related to whether digital assets qualified as securities or otherwise.
In the past, some cryptocurrencies would argue that they weren't securities at all, opening up a parallel world in which they could operate freely and unscathed by regulation, but unfortunately not always above board.
Having this dual mode of operation unnerved regulated businesses that were reluctant to invest in digital currencies, seeing them as a bit of a grey area, and subject to sudden repercussions by snap-regulatory moves.
Moving forward, Hong Kong will ask all digital currencies to stick to the new rules, making the industry less ambiguous from a legal standpoint.
This could in turn drive interest in gambling crypto sites, which are reliant on stability in the crypto sector and regulators perceiving digital currencies as a valid choice for consumers.
There are many websites that focus on both FIAT and crypto gaming, such as Bitcasino, 1xBit, and FortuneJack, although the majority of players there tend to stick with crypto.
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