The Asian Racing Federation (ARF) warns that cryptocurrencies and blockchain technology are aiding illegal betting across the continent. This poses “several risks to legal betting operators and wider society”, according to a recent ARF report.
In its 12-page report, ARF asserts that legal betting is under threat, mainly due to the privacy feature of cryptocurrencies such as Bitcoin, Ethereum and others. The anonymity associated with digital currencies enables many punters and betting operators to bypass regulatory restrictions, anti-money laundering policies and know-your-customers measures, the report says.
Such sites and apps facilitate illegal betting by allowing illegal bookmakers and bettors to circumvent any restrictions on payment processors, and to move money instantly and anonymously.
Asian Racing Federation report
Over 780 Offshore Betting Platforms Accept Cryptocurrency
More than 780 offshore betting websites accept payments in one or more top cryptocurrencies. The report also claims that these platforms accept players from jurisdictions such as Hong Kong, Australia, Japan and Singapore.
ARF is concerned that the increasing adoption of cryptocurrencies in the betting space could result in more illegal betting activities.
The rise of cryptocurrency and blockchain in the betting industry underlines a key point in the global anti-illegal betting narrative, which is that illegal betting operators will always be swifter and more agile to adapt to new technologies and regulatory loopholes/grey areas.
Asian Racing Federation report
Authorities in several Asian countries are cracking down on illegal betting sites. In April, Chinese law enforcement officers arrested a group of developers running an illegal decentralised gambling platform.
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