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Online Casinos in general: Crypto Casino - Legal situation

Topic created on 23rd Oct. 2021 | Page: 1 of 1 | Answers: 9 | Views: 1,774
bacc96

Crypto Casino - Legal situation

23rd Oct. 2021, at 09:20 pm CEST#1
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Hello all,

maybe some know the Faucet -Casino name removed for security reasons- - here you get a small sum in BTC (0.00000001 for example) by clicking and solving a captcha. Besides, they have introduced a Hi/Lo Multiplier and sports betting throughout the years - to a moderate extent. In connection with the multiplier, you can win lottery tickets (weekly) and Golden Tickets (every 6 months) by wagering. In the case of the Golden Tickets lottery, the draw took place a few days ago, and the winner was actually a colleague of mine who has been using the site for years and had started discovering cryptos for himself.
First of all, he was overwhelmed by the win, he chose to pay out in BTC (the choice was otherwise a Lambo), a total of 3.08 BTC. Now comes the problem
He would like to declare the win so everything goes correctly. He would like to sell 1 BTC to treat himself as well, however, with a cash inflow of 50,000 euros, the bank would get very suspicious and ask. -Casino name removed for security reasons- also belongs to -Casino name removed for security reasons- (Curacao license), -Casino name removed for security reasons- itself has no license at all. He signed up for the free Bitcoins there at the time and was now just lucky to have won in this draw.
Does anyone know how this works when you win cryptos? After all, he did not receive a real amount of money, but an asset/property - that has to be declared to customs from 10,000 euros. I don't think there has been such a case in Germany yet. Therefore, my question would be if you might have a recommendation for legal advice? My colleague is currently in extreme panic and somehow hopes that - even if taxes are due - he can keep some of it.

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Schurz28
Visitor

Crypto Casino - Legal situation

25th Oct. 2021, at 01:38 pm CEST#2
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Your buddy should check out advcash.gi.
It's a crypto debit card, just load it up and spend money 😉

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NoSkill_NoKill
Experienced

Crypto Casino - Legal situation

25th Oct. 2021, at 01:46 pm CEST#3
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How can I load money from the casino onto the card?

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S****u

Crypto Casino - Legal situation

25th Oct. 2021, at 01:53 pm CEST#4
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to sell a Bitcoin is not necessary. If he has it on a Binance Wallet, he can simply pay with the Binance Visacard. Without any registrations or customs

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bacc96

Crypto Casino - Legal situation

25th Oct. 2021, at 02:54 pm CEST#5
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Thanks for the replies, but I think you are imagining this too easily.
Regulation in cryptospace continues to pick up steam, this includes exchanges like Binance trying to become more transparent to regulators. That may also be the case after the fact.
It is also not safe to hold your Bitcoins on an exchange.

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S****u

Crypto Casino - Legal situation

25th Oct. 2021, at 03:21 pm CEST#6
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bacc96 wrote on 10/25/2021 at 2:54 pm: Thanks for the replies, but I think you are imagining this too easily.
Regulation in cryptospace continues to pick up steam, this includes exchanges like Binance trying to become more transparent to regulators. That may also be the case after the fact.
It is also not safe to hold your Bitcoins on an exchange.

as slow as the German authorities are working, nothing will happen in 10 years. For them, the Internet is still uncharted territory and cryptos even more so. Leave one BTC on the exchange and load 2 onto the ledger and store them in the safe for a few years.

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bacc96

Crypto Casino - Legal situation

25th Oct. 2021, at 03:38 pm CEST#7
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Shiba-Inu wrote on 25.10.2021 at 15:21
as slow as the German authorities are working, nothing will happen in 10 years. For them internet is still new territory and cryptos even more so. Leave one BTC on the exchange and load 2 on the ledger and stash it in the safe for a few years.

Sure, but what about in 10 years? Or in 5 years, when it will be noticed? It's not really about hiding it, but rather asking how it was handled at other Bitcoin casinos (none of which have an EU license) in the past

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S****u

Crypto Casino - Legal situation

25th Oct. 2021, at 03:44 pm CEST#8
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bacc96 wrote on 10/25/2021 at 3:38 pm
Sure, but then what about in 10 years? Or 5 years from now, when this will come to light? He is not trying to hide it, but asks how other Bitcoin casinos (all of which do not have an EU license) have handled it in the past.

Casinos are illegal in Germany as of now, regardless of whether it is a Malta or Curacao Bude, because no German licenses have been issued so far. Nevertheless, casinos are currently tolerated and wins are not confiscated in most cases. In addition, gambling winnings are tax-free. However, the win in this case is not paid in EUR, but in BTC. It is just a different currency and therefore does not lead to a tax liability. So do not know why you need to worry

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bacc96

Crypto Casino - Legal situation

25th Oct. 2021, at 03:55 pm CEST#9
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Correct. But gambling with tangible assets (but BTC is a digital asset) is also gambling - illegal. I don't know if it would be possible to invoke the fact that seizures were unsuccessful at casinos with an EU license if there was no such license. After all, that has always been a difference

Allowed in Eu -> does not mean that it is allowed in DE, therefore tolerated, but actually illegal.
Not allowed in Eu -> any reason for toleration?

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S****u

Crypto Casino - Legal situation

25th Oct. 2021, at 04:15 pm CEST#10
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i think by the time Binance and co. are regulated here and anything leaks out, any statute of limitations will have expired. But to be on the safe side, I would consult a lawyer and tax advisor.

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