Gaming & Cryptocurrency
Cryptocurrency, led by Bitcoin and Ethereum has become essential to the gaming economy
Certain types of payment processing for gaming can be cumbersome, expensive, and unreliable. Accepting deposits and withdrawals using cryptocurrency has solved many of the payment processing concerns faced by operators.
Transferring cryptocurrency is straightforward, inexpensive, and doesn’t require approval of a financial institution. However, not all jurisdictions permit the use of cryptocurrency and it does not solve all of the problems related to relying on third-party payment processors.
In addition to the use of cryptocurrency as another currency for deposits and withdrawals, some operators are leveraging the unique properties of cryptocurrencies such as Ethereum to create games and gaming structures. For example, some operators have been using smart contracts on the Ethereum blockchain to develop provably fair games that can be easily verified. Some operators have issued tokens which allow token holders an ownership stake and an ability to participate in decisions related to governance.
Operators are beginning to harness the unique properties of cryptocurrencies. Regulators, however, have been slow to accept any use of cryptocurrency in gaming due to a variety of concerns. Further, the ability to operate a decentralized autonomous organization does not preclude an organization from obtain appropriate licensing.
We work with organizations interested in leveraging the unique properties of cryptocurrency for their gaming businesses and liaise with entities issuing licenses and permissions to those operators. We also assist operators in negotiating cryptocurrency-based payment processing agreements.
Representative Work in Gaming and Cryptocurrency
Advised developers of provably-fair blockchain based games regarding compliance with the Canadian Criminal Code.
Assisted a Decentralized Autonomous Organization develop gaming-related best practices.
Advised a Decentralized Autonomous Organization on various licensing and compliance options.
Negotiated cryptocurrency focused payment processing agreements.
Monitored global developments at the intersection of gaming and cryptocurrency and advised clients.
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Gaming is one of the most heavily regulated industries in the world. Jack will help you navigate the Canadian landscape while leveraging his experience and connections in other jurisdictions.