Regulators and Industry players weigh in on both the benefits and challenges of integrating blockchain systems into existing gaming operator platforms.
Sec. Raul Lambino kicks off the discussion by stressing that as a regulator, developing rules and regulations based on industry best practices will facilitate the adoption of blockchain technology in the gaming industry.
Blockchain as a tool, would not only streamline payments, money transfer, compliance and data authentication across key players but it can also be a regulator’s best ally in monitoring the activities of its operators, in enforcing gaming laws, ensuring data privacy, preventing anti-money laundering and terrorist financing, and most importantly in protecting the gaming public from fraud and unjust gaming practices.
CEZA is yet to determine whether or not it will mingle its regulations on Financial Technology Solutions and Offshore Virtual Currency Exchanges with its existing Online and Land-Based Casino Regulations. There is a growing demand in the online gaming industry for the use of blockchain and digital assets as a channel and mode of payment, however as a regulator, CEZA has yet to develop and approve of a framework that would ensure consumer protection, exercise rules on responsible gaming, and enforce various gaming standards and regulations across different jurisdictions.