Introduction to the online casino industry of Japan
The industry of online casino gaming and gambling stands on shaky grounds in Japan. The country has always adopted a traditional perspective towards gambling, and the government is still amid debates and discussions on the legalization of online casinos and the enactment of the Casino Bill. The Casino Bill seeks to legalize the operation of casinos within the territory of Japan.
Is cryptocurrency gambling legal in Japan?
The political leaders have been weighing the pros and cons of cryptocurrency gambling in Japan for almost two decades now. Gambling activity is banned in Japan, according to Article 185 of the Japanese Penal Code. The act of establishing a casino house or operating one is a criminal offense as well in Japan. Online wagering is allowed by the Japanese government for the lottery, public sport, and soccer toto. Locals of Japan can get access to the games of online casinos by registering with foreign casino websites.
Cryptocurrency gambling can only be made legal by the approval of the Casino Bill. The Casino Bill will not only make Japan the third-largest casino industry in the world but will also add to the country’s economic stability. Legal cryptocurrency gambling in Japan is only limited to Koei Kyogi, and the Bitcoin sports betting. Bitcoin pachinko is popular, too, as the Bitcoin casinos offer anonymous gambling options that can bypass Japan’s legal regulations.
The Japanese authority is yet to adopt a definitive approach towards online cryptocurrency gambling in Japan. Ever since the epic failure and liquidation of the Japanese crypto exchange, Mt. Gox, the authorities are still finding it hard to decide about the regulation of cryptocurrency gambling. Online gambling is legit in Japan, but the regulations imposed on it are too strict. With compliance with national regulations, the Blockchain-based DApp (decentralized application) platform, TRON, announced its decision to block cryptocurrency gambling in Japan. Japan has also imposed stringent tax laws on cryptocurrency gambling to keep it under control.
Cryptocurrency gambling is becoming more and more popular all over the world as it is faster, transparent, cheaper, and more lucrative than traditional gambling. Gamblers can roll out the stakes in Bitcoin, Ethereum, and other major cryptocurrencies at online casinos to rake in the big bucks most safely and securely. The Japanese authority takes an ambiguous stance on cryptocurrency gambling because of the country’s rising acceptance of cryptocurrencies paired with the strict regulations on almost all forms of gambling. However, the authorities are amid intense debates to legalize the status of cryptocurrency gambling.
Future scope of online gambling in Japan
The future of online gambling in Japan depends completely on the approval of the Casino Bill by the Japanese government. The Bill can overcome the hurdles of cryptocurrency gambling in Japan and make it incredibly popular among the Japanese. There are hundreds of illegal casinos littered all over the country, and only this Bill can ensure that the gamblers can play safely without being subject to fraud and bankruptcy. The legislation will establish a regulated framework for online gambling in Japan and permit renowned casino operators of the world like MGM Resorts, Caesars Entertainment, etc., to run the online casinos. The casino industry will draw in thousands of tourists too and add more to the country’s revenue.