BC.GAME, one of the most active online crypto gambling platforms, has been issued a license by the Curacao Interactive Licensing N.V.(CIL) (5536/JAZ), the company has revealed. For security, the license was uploaded to the decentralized storage blockchain, the IPFS, and minted into an NFT compliant with the EC-721 standard before being transferred to BC.GAME’s ENS bcgame.eth account.
Fusing Licensing & Compliance with Web3.0 are the perfect ingredients that make BC.GAME one of the top Online Casino Platform.
Curacao Interactive Licensing N.V.(CIL) is one of the four master gaming licensors who received oversight roles from the Curacao government—a Caribbean Island and a constituent member of the United Kingdom of the Netherlands.
The other three are E-Gaming (N.V. 1668/JAZ), Antillephone (N.V. 8048/JAZ), and Gaming N.V. (365/JAZ).
These approved third parties play a critical role in ensuring compliance, ensuring licensed crypto gambling operators play by the book, adhering to the country’s laws. The Minister of Justice has the sole discretionary powers to issue the licenses to master operators.
Subsequent delegation of authority to the four third-party master operators means they can, in turn, issue sub-licenses to prospective crypto gambling businesses.
The validity of the sub-license acquired by BC.GAME is indefinite–depending on the validity of the issuing master operator—who must renew their licenses every five years.
Describing itself as a community platform, BC.GAME’s acquisition of the CIL license is one of the first steps for gradual compliance!
Beyond this, the online casino also supports the Bitcoin Lightning Network (LN) for cheap and instantaneous transfers for its gamers, the cheap and scalable Binance Smart Chain (BSC), and a long list of high profile, sought after DeFi tokens.
Additions of tokens and support of any other networks are done after receiving feedback from the community. This way, BC.GAME continues to bring out the best online crypto experience for its global user base.
A Bit of History of Gambling Licensing in Curacao
BC.GAME’s decision to apply and comply with Curacao’s laws stems from the island’s long-standing history and track record in online gambling. The country, for instance, is one of the earliest to legalize online gambling following the National Ordinance on Offshore Games of Hazard of 1993. In 1996, the country issued four licenses to the master operators.
In combination with the country’s low tax rates—of just two percent–, their high infrastructural levels, and increasing acceptance of online gambling as a legit business, more platforms continue to set up shop on the island.
Over the years, these platforms have evolved to be global hubs for online crypto gamblers. This has been the case since 2002, when the country began issuing sub-licenses to interest online crypto gambling businesses.
Presently, besides online crypto gambling operators required to obtain licenses before operating, the sphere is regulated by the Ministry of Finance and Financial Intelligence Unit (FIU).
At the same time, all operators comply with the country’s AML-CFT formed by the Curacao Gaming Control Board.
All sub-licenses are from any of the four master operators. For now, one can’t apply and receive approval from Curacao as a master operator.
BC.GAME Meets Curacao Regulator’s Requirements!
With BC.GAME receiving the CIL sub-license, they are now incorporated in the jurisdiction as an official online gambling business operator.
This is one of the few key requirements they had to comply with while also ensuring the presence of a local representative in the first year of operation.
In the run-up to their approval, they also filled all the necessary paperwork, submitted and paid the required application fee, and waited for license issuance for at least six weeks.
Since they are now approved, it means the Curacao Interactive Licensing N.V. was satisfied with BC.GAME after their review and subsequent audit.
The CIL sub-license issued to BC.GAME permits them to engage in any gambling activity approved by the master operator. There is no stratification of activities, as is the case in other jurisdictions. This is why Curacao is attractive to online gaming businesses.
Instead, the master operator seems to operate via another third party, Emanagement Group, which offers several services, including assistance in taxation and arranging for business licenses for would-be iGaming businesses seeking to set base in the country.
Casino License on the Blockchain? BC.GAME Did It!
As a new industry, eventual compliance with existing rules by crypto operators will be a journey. Even so, BC.GAME has demonstrated that it is possible and compliance can be expeditiously done.
The online gambling platform’s decision to also secure the CIL sub-license in the IPFS before minting it as an NFT shows the flexibility and possibilities of blockchain.
The license can now be viewed by all users, including regulators from across the world, an efficiency win considering how governments have been stepping up, shifting their muzzles to crypto entities.
The growing pressure is despite their realization that crypto is a new disruptive industry of which most countries haven’t established sufficient rules for efficient regulation even from mandated agencies.
Governments and regulators in different countries like the U.K. and the U.S. are tightening screws, forcing crypto businesses to comply.
Recently, the CEO of Binance, Changpeng Zhao, said it would boost its compliance by hiring more following increased scrutiny from U.S. regulators.
The executive recognized that the unprecedented growth of crypto also demands responsibility even with increasing complexity.
Nonetheless, despite scrutiny, Binance has reiterated its commitment to partner with regulators by complying and putting in place sufficient controls.
BC.GAME thanks its users for this achievement!
BC.GAME would like to extend their heartfelt gratitude to each of their amazing players who stood by them and pushed them to reach greater heights with each achievement!
The company further mentions, “Thank You for trusting us and providing your unwavering support to BC.GAME! We are because of you! Thank You! We aim to provide our players with the best crypto casino experience full of huge winnings, fun, and good times! But, as we always say, Don’t Trust, Verify It.
Once again, we thank you, dear players, for constantly pushing us to be the Best!”
And to all the new users, they say: “Welcome! Become a part of the most rapidly growing crypto gaming community and have an experience like no other!”
Congratulations to all, and we wish you a super lucky winning time!🍻🍻