Is Crypto Betting Legal in Asia?

Cryptocurrencies have become one of the most widely used currencies in the world. As such, several industries in various places have subscribed to its usage to perform most transactions. The betting industry is not left out of this development. Now, we see crypto-based Casinos where punters can wager using cryptocurrency and also earn winnings in the way.

However, some countries consider crypto betting as an illegal feat while others do not. Asia, one of the biggest continents in the world, houses several punters who might be worried about illegal betting. If you fall into this category, then you are in the right place. Here, we shall look at crypto betting and its legal implications in Asia. You can also have a look at the top crypto events around the world, and in Asia.

Betting in Asia

With a growing market, Asia is considered to be the largest betting market worldwide. In several countries, especially in the Southeastern area of the continent, there is a significant growth of online activity. Gradually, gamblers have moved their focus from traditional betting to online-based casinos. Therefore, we see a high rate of online activity, including crypto betting.

Despite this, there are several questions about the legal standing of betting in Asia. What you should know is that there are specific regulations in place to guide betting activities in Asia. However, these regulations are different for countries.

Whereas some countries are liberal with their regulations, others are quite strict. Below, we shall discuss major Asian countries and the fundamental rules that guide punters and their betting routines.

CHINA

China has strict rules that guide several markets, especially betting. Therefore, gamblers are prohibited from betting in China. Thus, traditional casinos do not operate freely in Mainland China.

Years ago, the communist government that controls all of the country's activities banned all online betting sites. The regulation has strongly affected the online betting markets giving no room for Chinese gamblers to play on Chinese sites. In addition, a punter found guilty of betting will pay a huge fine and serve a jail term.

Macau

Macau is a special region under the Republic of China. Here, the communist party controls the foreign and defense policy, which allows them to control local laws, economy, and administration. However, there is no administrative body that regulates the online betting sector. As such, betting is neither prohibited nor allowed.

With the free hand of the government, Macau is more open to online crypto betting than China. Nonetheless, no online-based Casinos are operating in its region. Traditional betting has also taken root here and generates more revenue than in Las Vegas. With this, you can find all types of betting in Macau, including poker and horse racing.

Thailand

Just like China, Thailand is a non-betting country. Here, the government prohibits all types of betting except horse race betting and lottery. Still, horse racing bets are only available for specific racecourses.

However, the local administration is more lenient towards online betting and does not charge punters for betting online. In that regard, several online betting platforms provide their services to residents in Thailand. It is safe for punters to play in online casinos as they are not under close supervision.

Nonetheless, the administration remains very strict with betting syndicates and mafia that run illegal operations.

Malaysia

In Malaysia, there are no clear laws on betting. Technically, the government banned all types of online betting activities, but there are no specific guidelines on the ban. In other words, the laws relating to the prohibition are archaic as they do not entirely criticize online and crypto betting. For the most part, the authorities ignore online betting, which allows residents to gamble on foreign sites.

Therefore, several betting platforms offer their services in this region. However, it is also not a hundred percent risk-free to gamble in Malaysia. As a country under the Islamic law of Sharia, the administration is considering reviewing these laws and possibly banning betting operations.

Hong Kong

In 1997, the British returned this territory to the Republic of China. Since then, it has been under the country's jurisdiction, just like Macau. However, unlike mainland China, it permits some types of betting activities which the Hong Kong Jockey club controls.

Therefore, punters in this area can partake in sports betting, including overseas football betting, horse betting, and lottery. However, the administration bans other types of betting.

Singapore

Singapore is a multicultural territory that allows diverse markets. However, it has no betting facilities for its residents to access. On the other hand, there are two world-class resorts for betting that offer services to tourists from all over the globe. Even with these resorts, residents do not have access to their services.

Even if residents decide to visit the casinos, they will pay a lot of money to get a permit. In the case of online betting, there is no strict regulation and is therefore open for residents.

India

In India, two laws regulate betting activities. They are the "Prize Competition Act of 1955" and "The Public betting Act of 1867." India does not permit most betting operations, but it makes an exception for state betting. States like Sikkim and Goa have permission to have land-based Casinos while others do not.

However, there are no rules directly affecting online crypto betting. As a result, most punters in India opt for online betting.

Philippines

When it comes to betting, the Philippines splits into two different parts. This is due to the administration that controls the betting affairs in the country. The major area of the Philippines is under the supervision of PAGCOR, while the other is the Cagayan region.

For areas under PAGCOR, the residents are free to access any land-based casino. The same applies to online betting, which gives gamblers the freewill to bet with whichever means they prefer.

The Cagayan region has different rules. Here, land-based casinos can run their business smoothie but cannot offer their services to the locals. They can only provide these services to tourists. It is also the only area in Asia where online betting sites have to obtain licenses for operation.

General betting facts in Asia

• There are 50 territories in the continent of Asia.

• Among the 50, 16 territories have made online betting legal. (32%)

• Online betting is Illegal in 24 sovereign territories. (48%). In these territories, people still gamble.

• The remaining territories have lukewarm laws that permit some betting forms. (20%) In 40 of the territories, punters gamble regardless of the set regulations.