Recent content by squiddy

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...

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

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.

So you suggest to create intermediary entity - some kind of shell company (B)? If yes, then sure. Having one was planned as mandatory part of business structure. It's possible I just misunderstood Panther earlier.

I do not insist on my solution, just didn't understand your advise :) But If you cannot share more details here, that's OK.

I guess I have no choice but stay unregulated forever. Even having gambling license from selected jurisdiction I won't be allowed to accept players from other countries. Regarding the structure you suggested I do not see added value for extra IT company. How would it help?

As I mentioned I was not going to use bank account on business level at all. I know it's impossible to get one for unlicensed gambling. Planned solution was to use cryptocurrencies only. Earned coins would be distributed as profit to company members. Then members would liquidate crypto acting as...

This is what I was afraid of. Sadly it looks like I need to reconsider my plans :confused: Thank you for valuable input!

My plan is to start gambling service but with slightly new approach. Imagine web application, kind of slot machine - no registration, no deposits or withdrawals, just pay to play. User places bet, pays and got paid. Game outcome is determined in provably fair fashion. Apart from ongoing network...

Have the whole IT infrastructure to be kept withing Costa Rica territory or I'm free to use data centers around the world?

Don't they require gambling/data processing license?

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...

You're right. Mae culpa. Either way how do you want to use bank account w/o SWIFT/IBAN ?

Here you go: IBAN Format & Example for Bank Account in Dominican Republic

I didn't say having SWIFT guaranteed anything. But not having SWIFT nor IBAN syntax guarantees they are not bank.