“Since service and innovation are top issues in Schaanwald, which became the first
casino worldwide where guests could play in two currencies, we hope being able to offer our guests the possibility of paying with Bitcoins sometime in the future.
Liechtenstein is very active in becoming a Blockchain hub and is one of the first
countries worldwide with a Blockchain law.” Christoph Zurucker-Burda, CEO, CAI
One issue the company wants to eradicate is the delay caused by the transfer of cash across borders which can cause problems for both players and operations. Te use of crypto- currency removes the need for physical cash and is appealing to casino operators and group players who can play at different casinos but have problems transferring funds which can take days to process.
Casino Schaanwald hired ALEAx this year, who offer tailor made Blockchain and Bitcoin solutions for the gaming industry.
Mr Zurucker-Burda said: “In February we presented a project to accept crypto-currency in Schaanwald Casino. Liechtenstein is the first country to have legislation for crypto-currency and it is a good environment for crypto- currency. Due to Coronavirus however we had some other priorities and there has been a delay in getting this up and running, but we are definitely going to resume the project.
“It is not a project for mass market so it is not a priority right now. Everything is about liquidity right now. If Liechtenstein is a success then we will see what other countries have regulated legislation and we will look at crypto-currency then elsewhere.
“Blockchain technology as a whole is a very interesting field that offers new possibilities. Since service and innovation are top issues in Schaanwald, which became the first casino worldwide where guests could play in two currencies, we hope being able to offer our guests the possibility of paying with Bitcoins sometime in the future. Liechtenstein is very active in becoming a Blockchain hub and is one of the first countries worldwide with a Blockchain law, so we see a good basis for introducing crypto-currency in the future.”
Blockchain hub as favourable regulations and improved access to banking and legal services are attracting more and more crypto companies. Many specialised law firms and consultants have also moved to Liechtenstein whilst last year almost a 100 new businesses set up shop in the Crypto Valley area.
By mid 2020, according to
ico.li there were 919 Blockchain companies in Switzerland and Liechtenstein, up from 842 the previous year and 740 companies in 2018 with almost 4,800 employees. During the first half of 2020 some 51
new companies arrived in Crypto Valley whilst 31 closed down due to the crisis. Te top 50 crypto companies managed to attract $3.7bn in capital during this time. Te main five unicorn companies are Ethereum, Dfinity, Polkadot, Bitmain and Libra.
Although crypto-currency isn’t a new invention its arrival in the gaming world is still tentative. Casino Austria is planning to use Casino Schaanwald as a crypto guinea pig and allow players to cash in and out using a digital wallet to process Bitcoin payments.
Liechtenstein does not have its own central bank and therefore does not control its own monetary policy and ensuring financial stability is down to the Financial Market Authority (FAM), which is also responsible for reviewing the due diligence concept for casino operators to combat money laundering.
Te Financial Market Authority conducts inspections at the casinos to monitor the measures and processes of the casinos to ensure their compliance with due diligence laws.
NEWSWIRE / INTERACTIVE / MARKET DATA P91
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262
