The Emirates is the place to be when you want to take a look at two growth industries that are clearly going places. Cryptocurrencies are booming, regulated gambling is taking off, and the two are even intersecting in a way that would have been deemed impossible just a few years ago.
To get to grips with this fascinating new reality in the Emirates, we’re going to look in depth at both industries before seeing how they combine with one another. To make sure you are up to speed with the situation on the ground, we’re going to take a look at the legal side of things to begin with.
The legal situation of crypto in the Emirates
The Dubai Virtual Asset Regulatory Authority (VARA) in Dubai oversees the cryptocurrency world and makes sure that everything is operating as it should be. This means that rug pulls like those that Hawk Tuah is accused of are prevented from happening thanks to a stringent set of clear and consistent regulations.
While anyone can acquire and spend cryptocurrency in the country, there are restrictions in place on who can operate the coins. This covers everything from the maturity rates, the coin levels in circulations, and the exchanges that they are listed on. The result is a neat and tidy set of regulations that put cryptocurrency users in control of their decentralized finances.
The legal situation of gambling in the Emirates
The GCGRA oversees all aspects of betting and gambling in the Emirates. They are a stated-backed body staffed and served by a combination of diligent administrators and skilled board members. Their primary role is to make sure that licenses are only awarded to those who are deemed fit and proper.
To be granted a license a casino or betting company operator must be able to show that they are:
- In possession of a suitable amount of financial backing to be able to underwrite the day-to-day risk that such a business is routinely exposed to
- Of good character and standing within their community, regardless of where they are based or domiciled
- Prepared to abide by the rules and regulations of the GCGRA in particular and of Emirati culture and society in general
The GCGRA’s role has already seen them award licenses for lotteries, online casinos, and a physical casino and resort.
Now that we understand the legal side of things, we can take a look at the specifics of crypto casinos and crypto gambling in the UAE.
What does the Emirates say about crypto casinos?
The concept of the crypto casino has been welcomed by the ruling authorities as it is seen as the next step in opening up and liberalizing the market. The Emirates has long been a country of progression and innovation in the Middle East and it’s something they’re leaning into heavily in the wake of the local crypto boom.
Developers who are willing to follow the clear yet stringent licensing process laid out by the GCGRA are able to access a lucrative new market. The same is true of new and emerging crypto coin creators who want to use VARA for assistance. It is therefore a natural next step for these two highly technical and inherently creative industries to fuse as one in certain areas of the economy. The result is a shift towards cryptocurrency gambling online that is sure to become increasingly pronounced in the months and years ahead.
Is there an income tax on cryptocurrency?
No, there is no income tax on cryptocurrency in the Emirates. While we by no means want to promote crypto gambling, or any form of gambling for that matter, as a means to make a living, it is good news that no income tax will be charged on any coins you amass. The progressive nature of the tax system in the UAE means that those who take a degree of controlled risk are rewarded, and this is shown by the fact that you get to keep all of your money.
One key point here is that you should never look to spend all of your crypto investments to cover your losses in an online casino. Likewise, you shouldn’t look to chase ever-riskier types of cryptocurrency investments in the hope of being able to sustain what is now an unhealthy relationship with crypto gambling.
Who can play in Emirati crypto casinos?
The law in the Emirates is designed to be crystal clear: only adults can play in crypto casinos. This is a law that is there to prevent minors, who may gain access to cryptocurrency, from using said currency to play in online casinos. One of the plus points of decentralized finance is that it provides greater freedom, but with that comes a need to proactively check that minors are okay and not being taken advantage of. The same goes for making sure that a blind eye is not turned while a teenager develops unhealthy habits online.
Where can you find crypto casinos in the Emirates?
A quick online search will present you with different gaming sites that have a whole host of options you may wish to take a closer look at. All of the casinos in the Emirates, whether they accept cryptocurrency as a deposit or not, will be tightly regulated and closely monitored by the GCGRA. This is good news for those of you who want to be able to battle the odds in a way that always begins on a level playing field.
Many of the developers active in this space are also focusing heavily on research and design so that they can stand out in a crowded market. One of the results of this is a constant stream of new themed games, seasonal games, and remakes of classic casino games.
What’s the best strategy in a crypto casino?
A key point to remember is that the casino games themselves are still the classic games that many of us already know and love. The only difference with a crypto casino is that the method of making deposits and processing withdrawals has changed. By having this in mind, you will be able to use your skills and experience of playing in traditional online casinos to start developing your own strategies.
You may also find it useful to look for crypto casinos that offer a combination of signup bonuses and loyalty bonuses. As any gambler or cryptocurrency trader will tell you, it’s important to try and de-risk your next move as much as possible. Leverage free spins or bet multipliers so you can do exactly that and you may find you want to progress things further.
Final thoughts
One of the most important things to remember is that taking the official route is always the best approach. Although it is tempting to think that rules and regulations are there to slow you down and get in the way of how you choose to have fun, the truth is anything but.
Bodies like the GCGRA and VARA exist to make sure your rights are legally protected and that two growth industries behave in a way that is deemed right and proper. This is particularly important when we are talking about a country in the UAE where both gambling and crypto are relatively new shifts.