‘Scam Free’ Gambling on Ethereum? Regulators Might Not Be Ready

slots, casino

A world without gambling scams – that’s just the latest big idea being tested on the ethereum blockchain.

While much of the news lately has been on the platform’s increasing enterprise use, the project is still a predominantly open-source community, one fueled by the ideas and hard work of entrepreneurs the world over.

Take DAO.Casino, a project based in Russia that’s building a decentralized platform for gambling games. The DAO.Casino ecosystem seeks to reward users for participating in the platform (whether they’re developers or players), and ethereum distributes funds depending on the value they bring to the ecosystem.

The developers claim the platform will help protect users from gambling scams by ensuring that those running are operating accordingly.

Yet, even while the platform has laudable intentions, DAO.Casino must be licensed, and that means it must seek approval from regulators.

This raises questions around online gambling regulation, and it seems regulators are only in the early stages of thinking about blockchains and how they might mitigate scams.

A spokesperson for the European Commission told CoinDesk that it does not have a position on using blockchain technology as a way to regulate online gambling.

Gambling legislation remains a matter for member countries

Read more ... source: CoinDesk

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