The global cryptocurrency market capitalization has reached hundreds of billions of dollars, and the governments of different countries have started to realize the economic importance of companies dealing with cryptocurrency.
Unfortunately, such interest has not been followed by a regulatory adjustment yet. Legal frameworks around cryptocurrencies are starting to be defined, but they are still frequently changing and not transparent. Many cryptocurrency startups have had many legal issues due to not having invested sufficiently into legal support. In the best scenario, the startups managed the matters by adjusting their businesses, resulting only in a fine to pay. In the worst scenario, the startups didn’t find a solution to the legal issues and cracked down, resulting in the loss of investors’ shares value.
In the gambling industry, the matter is even more delicate. This sector is highly regulated, and traditional gambling companies must undergo a strict set of rules to operate in this industry. For instance, steps for starting such business are:
● Licenses and authorizations for each operating country issued by the government after a thorough company check.
● Quality assurance control over the games, remote and physical one, to ensure the games are fair and in compliance with the operating country’s law.
● Mandatory gamblers ID check needed to ensure the player is old enough to gamble, to verify whether he is self-excluded from gambling, and to confirm its identity.
All these steps are mandatory, and part of the current gambling regulation and they help to avoid money laundering and to safeguard consumers. Many gambling cryptocurrency startup, which adopt a decentralized system, cannot acquire any license nor provide guarantees regarding any of the mentioned steps. Therefore, they are at high risk for both investors and gamblers.
At Kheper Software House, we care about all our stakeholders and aim to provide the safest gaming environment possible in compliance with any gambling law. For this reason, we are collaborating with one of the most important legal offices in Europe specialized in gambling and betting laws, Sbordoni & Partners.
The legal office has some of the best attorneys in gambling, with over 20 years of experience and whose member has essential public and private roles in the Italian society. Their clients include both national and international gambling operators, and a key figure is its founder Stefano Sbordoni. He is a Supreme Court attorney-at-law, a member of the International Masters of Gaming Law and a university professor, and he has written many chapters of the Internet Gambling Report. These are only some of the many roles he has overtaken over the course of his life, and their support will grant the legal safeness our company needs. He and his team will take care of any administrative or legal controversy that could arise, following the project throughout its growth. Their trust is an enormous pride for us, and it is an essential guarantee of the opportunities Kheper Software House can achieve.