Fast Offshore brings you the top Gaming, Payments and Crypto news in July 2022.
Peru legalises online gambling and betting
Peruvian Congress has greenlighted an online gambling law which will see betting and casino games become legal. The law received 91 votes in favour, zero against and seven abstentions in the plenary session. Outcomes of the debate include a regulatory framework that will govern how online gambling functions in the country. The law will be implemented under the supervision of the Ministry of Foreign Trade and Tourism, and all operators will be required to pay a tax of 12% on their net gaming revenue.
Anyone wishing to offer online gambling services within the country must be licensed and fully comply with the law. This includes protecting vulnerable players through a self-exclusion policy and protection of minors. In terms of bonuses, they will only be available if they cannot be exchanged for fiat currency. Those operating sports betting sites will also have to display clear warnings on their platforms, informing players of the risks associated with gambling. The law will be enacted two months after it is published in the government gazette.
Playtech announces deal with 888 Holdings
UK-based game and software developer Playtech has announced a new deal with gambling operator 888 Holdings that will cover expansion into the US market. The two companies have an existing deal for online casino games in regulated markets. Still, the new deal will cover US iGaming apps, including live casino table games and RNG-based games.
“This agreement will enhance the overall player experience by offering more entertaining and dynamic games, which is a key part of our content and product leadership strategy,” said Howard Mittman, US division president for 888, in a statement. “We look forward to welcoming Playtech’s content and growing our partnership together.” Playtech is already working in New Jersey as it provides services for bet365 and Resorts Digital Gaming Group. However, this next step will drive forward more revenue as iGaming becomes possible in more and more US states.
Singapore legalises at-home social gambling
Singapore has legalised physical, and social gambling among family and friends under the new Gambling Control Act. Under the new rules, the activity must take place in an individual’s home and must not be related to any business or private gain of any person not participating. For example, a game of poker between friends with cash stakes is legal, whereas a poker game amongst friends where a company or third party takes a cut is not. The new laws come following changes to legislation in parliament in March as a response to new forms of gambling made more accessible by increased digitalisation.
“This allowance for social gambling in homes will not be extended to online platforms, given the practical difficulties in establishing the relationship of individuals in the online context, whether an online gambling activity is social gambling among family and friends,” said the Ministry of Home Affairs. In addition, the Gambling Regulatory Authority was established, which will take over from the existing Casino Regulatory Authority and will regulate all forms of gambling in Singapore in the context of developing technological trends.
US government to create tech advisor role
The United States government has passed a new piece of legislation to create a blockchain advisor to US President Joe Biden. Called the CHIPS and Science Act, it passed congress with 243 votes to 147. All it requires now is a signature from Biden, a mere formality. Asides from subsidising the manufacture of chips and semi-conductors, the bill will also establish a digital currency advisory role for the government. The new position will operate under the Office of Science and Technology and aims to foster innovation while increasing understanding of blockchain technology.
EU leads the way in blockchain ventures
The 27 countries of the European Union led the way in quarter two of 2022 with a 25% increase in venture funding for blockchain startups when compared to quarter one. While the global financial crisis has seen investments in blockchain in the US and Asia plummet, this has not been the case in Europe. Africa also saw a significant increase of 189% from the first to the second quarter, while the US and Asia reduced by 43% and nearly 24%, respectively.
In total, European companies invested $1.8 billion during the quarter. Some of the most active companies were Coinbase Ventured, Polygon Studious, Jump Capital, and Animoca Brands.
Blockchain.com registers as virtual asset service provider
One of the world’s most established and longest-run cryptocurrency businesses and a leader in the field of bitcoin infrastructure, blockchain.com has registered as a virtual asset service provider in the Cayman Islands. It has done so under the country’s Virtual Asset Services Providers Act, and it will expand its operations into the country over the coming months.
Currently providing blockchain wallet and cryptocurrency exchange platforms, blockchain.com will now offer regulated crypto derivative products and trading services to institutional investors in Cayman. It also plans to start a non-fungible token marketplace and provide over-the-counter crypto brokerage services. Blockchain.com’s Chief Commercial Officer Lane Kasselman said, “The Cayman Islands is a key jurisdiction for us — our parent company is domiciled there, and it is a recognised global financial services hub.”
Gucci accepts cryptocurrency
ApeCoinHigh-end luxury brand Gucci has announced it will accept ApeCoin in its stores, adding it to an existing list of 12 other cryptos it accepts. The Italian brand is the first of its kind to accept ApeCoin in a move announced at the end of July. The news is likely to bring significant exposure to the coin, bringing further utility and stability.
Customers based in the US will be able to shop and pay with the crypto instore with payment services provided by BitPay. Earlier this year, Gucci rolled out the Gucci Grail NFT collection and the SUPERGUCCI NFT. Then in May, it announced plans to accept Bitcoin, Bitcoin Cash, Ether, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five US dollar stablecoins in its 111 US stores.