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Bots

Mentor Group Gold
Hello,

I am new here and own a gambling business dealing in virtual game items. We are making a sizable amount of money and want to allocate our funds towards transitioning the website to crypto, but to legally do so we need a gambling license.

I understand some basic fundamentals of what needs to be done to obtain the license like incorporating a company in Curacao, appointing a local company director, and having a local company "address". The problem is I have no clue which services are most reliable to go through for this. I know of a few companies that offer this service + Cyprus incorporation and bank opening for payment processing but it's hard to tell who to trust with such an important task.

If anyone else here has gone through this process I would really appreciate a little guidance with it. Basically what I need is Cyprus incorporation and bank account for payment processing + Curacao incorporation and gambling license and need to know a reliable service to go through for this.

Cheers!
 

CyprusLaw

Entrepreneur
Hi,

From I Cyprus perspective I would urge you to discuss this with a lawyer in order to advise you on the structure and to assist with the set up.
 
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Bots

Mentor Group Gold
Hi,

From I Cyprus perspective I would urge you to discuss this with a lawyer in order to advise you on the structure and to assist with the set up.
Thanks for the quick response! Are there any lawyers you could recommend I contact that have experience with what I'm looking for?
 

Bots

Mentor Group Gold
It says "The regulatory body must be set up and ready by March 1, 2021." but this hasn't seemed to of happen yet. Also if we are running the company legally, geo-blocking countries, and doing proper KYC checks on all customers I don't see how we would have a problem. At the same time this isn't the best of news. If there is further information about exactly what the new laws will enforce that would be nice to read about.
 

Sols

Staff member
Mentor Group Gold
It says "The regulatory body must be set up and ready by March 1, 2021." but this hasn't seemed to of happen yet.
What makes you say that? The authority is already set up and is beginning to flex its muscles. A lot of things don't make it to the news, you need to be in the industry to pick up on the small ripples.

The timeline set out by the Dutch government won't be met but Curaçao has no choice anymore.

Also if we are running the company legally, geo-blocking countries, and doing proper KYC checks on all customers I don't see how we would have a problem.
It's going to be a problem if this time next year, you're told you can't offer your services to players in certain markets. What's your business worth if 80% of your customer base goes away over night?

At the same time this isn't the best of news. If there is further information about exactly what the new laws will enforce that would be nice to read about.
That's the problem. No one knows for sure. Things are developing slowly and behind schedule, and it's not being communicated very well.

Not saying Curaçao is a bad move but plan for the future. You have correctly identified that this is a new area for you. Speak some service providers in Curaçao and igaming consultants outside. Get multiple views.
 

uplana

Corporate Services
Mentor Group Gold
What makes you say that? The authority is already set up and is beginning to flex its muscles. A lot of things don't make it to the news, you need to be in the industry to pick up on the small ripples.
as always you are in front of the news and latest changes in the industry thu&¤#
 

pluto

New member
It's going to be a problem if this time next year, you're told you can't offer your services to players in certain markets. What's your business worth if 80% of your customer base goes away over night?
80% of your business is 20% of your clients, isn't that right ;)

OP. You're not going to find a payment processor through these incorporation consultants for virtual item/crypto gambling by googling. What they just do is "introductions". I have looked into this industry aswell and the only solutions that I found were to make your own third-party crypto exchange with Estonian licenses with a payment flow that permits the user purchasing crypto through your exchange and opt-in into transfering it to your business in exchange of site credits. Or, you can use a payment wallet such as G2A Pay.
 
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Bots

Mentor Group Gold
80% of your business is 20% of your clients, isn't that right ;)

OP. You're not going to find a payment processor through these incorporation consultants for virtual item/crypto gambling by googling. What they just do is "introductions". I have looked into this industry aswell and the only solutions that I found were to make your own third-party crypto exchange with Estonian licenses with a payment flow that permits the user purchasing crypto through your exchange and opt-in into transfering it to your business in exchange of site credits. Or, you can use a payment wallet such as G2A Pay.
Almost every single big crypto gambling site uses a Cyrpiot company for payment processing with EU banks. So I don't believe this is true.
 

pluto

New member
Almost every single big crypto gambling site uses a Cyrpiot company for payment processing with EU banks. So I don't believe this is true.
They use third-parties AKA payment wallets or sometimes crypto exchanges with the method I explained above. You borrow another companies MID and they process on your behalf. These are in my experience terrible because of high declines, but it works.
 

Bots

Mentor Group Gold
They use third-parties AKA payment wallets or sometimes crypto exchanges with the method I explained above. You borrow another companies MID and they process on your behalf. These are in my experience terrible because of high declines, but it works.
Why is it not possible to use the MID from the merchant account connected to the Cypriot corp? Thanks for the responses as well this is very helpful!
 

pluto

New member
Why is it not possible to use the MID from the merchant account connected to the Cypriot corp? Thanks for the responses as well this is very helpful!
It is possible through cloaking/transaction laundering or that you make your own third-party crypto exchange with Estonia crypto license. I don't know the exact justifications on why acquiring banks/VISA/Mastercard doesn't allow direct mids for gambling that isn't FIAT e.g virtual skins or crypto.

Just to clarify, we're talking about FIAT -> crypto to your gambling website right? And not just simply crypto deposits.
 

Bots

Mentor Group Gold
It is possible through cloaking/transaction laundering or that you make your own third-party crypto exchange with Estonia crypto license. I don't know the exact justifications on why acquiring banks/VISA/Mastercard doesn't allow direct mids for gambling that isn't FIAT e.g virtual skins or crypto.

Just to clarify, we're talking about FIAT -> crypto to your gambling website right? And not just simply crypto deposits.
We would be looking to introduce crypto as a deposit and withdrawal method mainly. After that payment processors like PayOp - Online Payment Processing with 300+ methods & GameMoney — global payment system when it comes to traditional banking payment methods. For example CSGOEmpire, CSGO500, and plenty other sites using a Cyprus corp for payment processing and a Curacao license do this.
 

Sols

Staff member
Mentor Group Gold
Why is it not possible to use the MID from the merchant account connected to the Cypriot corp?
It is possible.

They use third-parties AKA payment wallets or sometimes crypto exchanges with the method I explained above. You borrow another companies MID and they process on your behalf. These are in my experience terrible because of high declines, but it works.
From the outside looking in, you'll never get a full view of things are set up. Routing payments through crypto exchanges or e-wallets are just two of the many ways by which payments are processed.

As a player, what you see is what's made available to you. If you're a VIP customer, they might open up additional payment methods for you that aren't shown to the public. If you're from another country, other payment methods might show up. And so on...

It is possible through cloaking/transaction laundering or that you make your own third-party crypto exchange with Estonia crypto license.
The risk is that you then you spend time and money setting it up only for a scheme auditor to detect your layering within a couple of days, and then the MID gets shut down and the UBO and directors end up blacklisted. I've seen it happen several times when people with limited experience try to build these solutions themselves.

I don't know the exact justifications on why acquiring banks/VISA/Mastercard doesn't allow direct mids for gambling that isn't FIAT e.g virtual skins or crypto.
Visa and Mastercard aren't involved in the approval of MIDs, and acquirers do issue gambling MIDs for offshore setups, virtual skins, and crypto. You need the right connections and understand the risks and limitations involved. That's the hardest part.
 

uplana

Corporate Services
Mentor Group Gold
There are specialists around, one of them are e Management, there are even a few more in the Resource section of the mentor group gold

If you contact them they can tell you everything about to set this up, so they can help you to setup everything, they are not cheap but they have decades of experience and are well connected.
 

Bots

Mentor Group Gold
There are specialists around, one of them are e Management, there are even a few more in the Resource section of the mentor group gold

If you contact them they can tell you everything about to set this up, so they can help you to setup everything, they are not cheap but they have decades of experience and are well connected.
The issue is it's impossible to know the reliability of these companies without having a testimonial from someone I know. I believe the curacao corp + cypriot subsidiary is the way to go at least for now. The hard part finding a good company to work with, we have the funds for it but it's not worth it without knowing they are legitimate.
 

Bots

Mentor Group Gold
It is possible.


From the outside looking in, you'll never get a full view of things are set up. Routing payments through crypto exchanges or e-wallets are just two of the many ways by which payments are processed.

As a player, what you see is what's made available to you. If you're a VIP customer, they might open up additional payment methods for you that aren't shown to the public. If you're from another country, other payment methods might show up. And so on...


The risk is that you then you spend time and money setting it up only for a scheme auditor to detect your layering within a couple of days, and then the MID gets shut down and the UBO and directors end up blacklisted. I've seen it happen several times when people with limited experience try to build these solutions themselves.


Visa and Mastercard aren't involved in the approval of MIDs, and acquirers do issue gambling MIDs for offshore setups, virtual skins, and crypto. You need the right connections and understand the risks and limitations involved. That's the hardest part.
Processing crypto deposits and withdrawals through our own wallets and using a 3rd party payment provider like Gamepay or Payop would be doable with the setup I have mentioned right? You seem to be very knowledgeable about this.

From what I understand money deposited onto our site via Gamepay for example would be withdrawn into the Cypriot company and then to the curacao account, but since the Cypriot company is a subsidiary of the Curacao company tax is only paid within Curacao at the rate of 2%.

This is what I've been told by one of the providers of this service "GBO International" so I am going off of what they have told me.
 

Admin

Forum Moderator
Staff member
Elite Member
The issue is it's impossible to know the reliability of these companies without having a testimonial from someone I know. I believe the curacao corp + cypriot subsidiary is the way to go at least for now. The hard part finding a good company to work with, we have the funds for it but it's not worth it without knowing they are legitimate.
You can trust them, they are part of HB Management I have meat them years ago personally.

If the hard part is to find a trusted provider then I recommend you to buy a ticket to Curacao, schedule a meeting with PricewaterHouse coopers there and get the thing going.

PWC is good connected for obvious reasons on this island they will bring you to HB Management as well as few others.
 
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