Question What is the best jurisdiction for unlicensed cryptocurrency gambling website?

[squiddy]

Hello everyone,
I'm going to start unlicensed cryptocurrency gambling website. No fiat money will be involved - user payments, prizes payouts, invoices for 3rd party services or salaries will be paid in crypto olny. So I guess I don't need bank account at the moment.
What company jurisdiction and type would be the best for this kind of business?
My idea is to setup LLC in Marshal Islands and build whole IT infrastructure elsewhere.
Will it work? Are there other/better jurisdictions I could choose?

I'd greatly appreciate your help.

 

[Panther]

Do you suggest to sell crypto on company level and redistribute profits as fiat or just pass crypto directly to company members? I expect liquidating crypto on business level can be hell of a challenge.

No i dont suggest that.. the companies i do suggest but how to operate is a different story...

 

[squiddy]

No i dont suggest that.. the companies i do suggest but how to operate is a different story...

So just repack profit from company A to make company B a legit SOF, right?

 

[banafinfodafuggiano]

anyone knows if you truly need a license if your gambling business ONLY accepts Crypto as form of payments?

 

[squiddy]

anyone knows if you truly need a license if your gambling business ONLY accepts Crypto as form of payments?

I believe that a license may not always be required to run a crypto gambling business. The necessity of a license depends on the regulations in the jurisdictions (potentially more than one) where: your business is registered, where the servers are located, and where the players connect to your service from. By carefully considering all of these conditions, you will be able to determine whether a license is necessary. It is important to note that running advertising campaigns and officially cashing out earned crypto may be difficult without a license.

 

[Sols]

anyone knows if you truly need a license if your gambling business ONLY accepts Crypto as form of payments?

If all you do is run an ecommerce business that accepts payment by crypto, you don't need a license.