Japan is a country with a particular approach to gambling. The legislation in the gambling field is quite strict. As a result, most gambling is banned. The state primarily controls land-based gambling establishments. Now they are represented mainly by specific national entertainments. The Japanese can play on business streets, shopping centers, and special salons, mainly mahjong or pachinko. The legislation also allows betting on certain types of racing sports.
As with most countries, online casinos are primarily unregulated in Japan. Such establishments mainly operate in the jurisdiction of other countries and offer their services to residents. Among the majority of sites, one can single out オンラインカジノ(meaning: online casino), which accepts payments for playing for real money in cryptocurrency. Every year the number of such gambling establishments increases. It is due to several factors. Cryptocurrency payments are processed faster. Play casino with bitcoin allows the client to maintain their privacy. Casino win is displayed within a few minutes. Below, we will look at the features of online casinos in Japan that work with bitcoins. You can also read tips on choosing the right gambling site.
Features of Gambling in Japan
Japan’s gambling laws prohibit most gambling. However, the Japanese are the most gambling nation in the world. Permitted halls with pachinko machines very rarely work without visitors. Moreover, in Japan, quite non-standard games from other countries have found distribution. So, in gambling halls, there are slot machines where a gamer can take a walk with a pet.
The ban on gambling in Japan can be called formal. Many institutions have developed schemes to circumvent existing restrictions. The owners of gambling halls place particular exchange points next to them. The client receives a prize in the halls with pachinko toys and memorable souvenirs. And at the nearest exchange point, he can get money for them. Existing statistics show that about 15 million residents visit slot machine halls in Japan every year.
Online casinos can be singled out as a separate category, practically not regulated by local legislation. This step makes it possible to launch almost any platform. A feature of an online casino is access to an extensive list of entertainment directly from a computer or smartphone.
Most Japanese use their credit cards or digital wallets to fund their gaming account. But in the past few years, payments in bitcoin have become popular among residents.
Bitcoins are digital currency that has no physical counterpart. At the same time, coin calculations can be carried out in the real world using unique applications. Bitcoins are also used to purchase any goods on the Internet, including products, toys, and casino chips. Most sites that are now popular in Japan accept payments in cryptocurrency. This approach of the online casino administration allows for an increase in the number of potential visitors. Both locals and foreigners can launch slots, and there will be no need to convert their money into Japanese yen.
The volume of transactions with crypto-currencies in Japan is increasing every year. Only during 2021 does this figure increase immediately by 51%. Most of the credit belongs to the gaming industry – conventional and online.
Benefits of Using Bitcoin at Online Casinos in Japan
The annual growth in the popularity of bitcoins in the online casino scene is due to several factors. Firstly, these are the advantages that cryptocurrency guarantees. Let’s dwell on this in more detail.
Clients use bitcoins when they want to keep their data private. When replenishing an account and withdrawing money, you do not need to provide any banking information. The client needs to fund their digital wallet with bitcoins through Blockchain or any other trusted crypto company. Further, the gambler can receive coins or chips in the casino for cryptocurrency.
Quick withdrawal of money
While most online casinos deposit transactions instantly, there are often delayed with withdrawals. Under the best-case scenario, the funds should be credited to the client’s account within 1-2 days of when the application is requested. Bitcoin not only allows you to replenish your account quickly, but also to withdraw winnings instantly.
This method is convenient for clients who need money in emergencies, and waiting for their withdrawal for hours and days is impossible.
Most countries still do not recognize the cryptocurrency. As a result, it is not taxable. The exception is in countries that have adopted laws on the circulation of cryptocurrency. If you use bitcoins to settle in an online casino, likely, you will not have to pay any additional taxes and fees. Bitcoin is also a universal digital currency. As a result, it will not need to be exchanged for fiat currencies used in a particular country.
Access to special rewards and bonuses
Some online casinos in Japan offer customers the opportunity to receive additional bonuses when making payments in cryptocurrencies. It can be extra money to the account or free spins. When receiving rewards, it is advisable to carefully familiarize yourself with the features of their accrual, as well as with casino life hacks. The casino client should be interested in the wager size and the time is given for wagering. If these conditions are not met, the promotion will be canceled.
Disadvantages of Using Bitcoin in Japanese Casinos
Cryptocurrency also has several disadvantages. Most often, the cons are related to the availability and legality of coins in certain countries. Before registering at an online casino that accepts bitcoins, it is advisable to familiarize yourself with these shortcomings.
Payments are not available in all casinos
Currently, a limited number of sites support payments in cryptocurrency. The client cannot replenish the account if the currency is not supported. There are also some legal restrictions. For example, in Japan, only licensed casinos can carry out activities with cryptocurrency. Since permit document costs are frequently relatively high, many sites decide to operate without a license for personal cost savings.
Exchange rate instability
Cryptocurrencies, including bitcoin, typically do not retain their value for long. The fluctuations can be quite significant. If in 2021, bitcoin was sold at a price of about $69,000 per coin, then in 2022, the rate fell to almost $20,000. If a client spends bitcoins in a casino on days when the exchange rate is minimal, the amount of his loss will increase significantly.
These are just some possible advantages and disadvantages of using bitcoin in Japanese online casinos. Much depends on the client’s preferences, but the pros outweigh the cons in any case. Casino tips – conduct transactions only on trusted sites so as not to run into scammers.
How to Choose a Cryptocurrency Casino in Japan
Choosing the right bitcoin casino in Japan should be based on several criteria:
Features of Financial Transactions in Gambling Crypto Casino
After choosing a casino with bitcoins, the client needs to create an account. Most often, the process involves the introduction of personal and contact information. All data is subsequently confirmed as part of the verification process. The withdrawal procedure will be closed for clients who have not passed verification.
To fund your casino account with bitcoin, you need to follow these steps:
The money will be credited to the casino account within a few minutes. Occasionally, the time may increase depending on the workload of the network of blocks.
Cloudbet is a Major Japanese Online Casino
Cloudbet is the first foreign operator to provide services in the Japanese market. The site supports operations in cryptocurrency, which is why it is popular with the Japanese. Residents prefer such transactions due to the high speed of payments and the confidentiality of all information.
The casino supports several cryptocurrencies at once:
The service has a list of casino features that allowed it to integrate quickly into the Japanese gaming industry. Cryptocurrency support ensures the high anonymity of all casino customers. During transactions, the user’s personal information is practically not disclosed. Cryptocurrency payments also help save on taxes.
The use of bitcoins protects the player from the hazard of identity theft. The casino supports KYC verification. As a result, any illegal actions are excluded.
Bitcoins could be the currency of the future in online casinos. The Japan Financial Services Agency is pushing to reduce restrictions on new listings on the stock exchange. Such an approach in the coming years will provoke an even more significant increase in cryptocurrency turnover in the region. And this will lead to an even greater prevalence of cryptocurrency casinos in the country.
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