The tiny island nation of Isle of Man, a British Crown dependency popular for its annual TT motorcycle race, has granted the blockchain casino FunFair
a token-based supplier license.
FunFair Technologies is an expansive gaming platform incorporating various casino operators, game developers and affiliates. It provides a blockchain-based platform on which gaming and casino sites
can quickly and easily build decentralized applications (dApps). Through the use of its Ethereum ERC-20 based token FUN, users can easily raise funds for projects and provide a means of liquidity for their online gaming apps.
This is the first time the Isle of Man has awarded
such a license, with the move promising to help grow and better regulate gambling on the island. FunFair has established a new company on the island called FunFair Holdings (IOM) in order to conduct business in the region and work with local organizations. The company, which is headquartered in Singapore, has additional offices in similarily blockchain-positive locations like London, Malta, Gibraltar, and Guernsey.
Chief compliance officer at FunFair, Stefan Kovach, spoke
of the companies excitement to be granted approval within another jurisdiction. “Not only does this legitimize FunFair’s blockchain gaming ecosystem but it also keeps us right there as a leader at the forefront of regulated, decentralized technology and token-based gambling,” he said. The license will help to protect the online safety of FunFair users and has been warmly welcomed by members of the digital community on the Isle of Man.
Benefits of Blockchain
Blockchain and cryptocurrency-based gambling and casino platforms have exploded in popularity lately, as more users become familiar with the benefits of using cryptocurrency for online gaming. Instant, low-fee transfers, complete transparency, and fairness assured by smart contracts all mean blockchain-based gambling is more beneficial to players than traditional online gambling. Nowadays, hundreds of apps offering gambling in various different cryptocurrencies, including Bitcoin
(XMR), and Dogecoin
Many countries have been slow to formulate legal frameworks for the new technology, but those seeing the benefits of proper regulation are now beginning to offer licensing for the sector. Emerging blockchain networks like Tron
and EOS, which provide strong support for gambling-related development, have helped draw millions of dollars into the cryptocurrency industry. The online gambling industry has grown year on year since 2009 and is expected to reach almost $60 billion by 2020.