Asian Racing Federation combats illegal crypto betting
The Asian Racing Federation issued a warning that cryptocurrencies and blockchain technology are now aiding illegal crypto betting in Asia. This means “several risks to legal betting operators and wider society,” a recent ARF report says.
In the report that consists of 12 pages, ARF alleges that legal betting is in threat. It is because of the privacy feature of cryptocurrencies like Bitcoin, Ethereum and others. The anonymity that connects with digital currencies allows many betting operators to bypass the regulatory restrictions, anti-money laundering policies and know-your-customers measures, the report states.
“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
Many Offshore Betting Platforms Allow Cryptocurrency
Over 780 offshore betting websites accept payments in one or more leading cryptocurrencies. The report also alleges that the platforms accept players from other jurisdictions like Australia, Hong Kong, Japan, and Singapore.
ARF is wants to know if the increasing adoption of the cryptocurrencies in the betting space might emerge in even more illegal betting activities. These illegal activities might produce some serious effects to the other betting platforms.
“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 from a lot of Asian countries that have been cracking down on illegal betting sites. Last April, the Chinese law enforcement officers arrested a group of developers that run an illegal decentralized gambling platform.
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