Vixio bets on the gambling industry benefiting from the latest tech in its effort to enable regulatory compliance, highlighting the increasing demand for crypto integration.
Good to know – Vixio is the leading provider of compliance solutions for the gambling industry.
On last week’s SBC Digital – Compliance Technology Day, Vixio reps started by dropping some key insights on how the gambling sector can use tech to make compliance less of a headache.
The speech was shared by James Kilsby, Vixio’s Chief Analyst and VP of Americas. And that’s what he had in mind: “Policymakers around the world are increasingly setting new rules when it comes to compliance in the gambling industry, focused on various aims largely around responsible gambling and other areas.”
One of the biggest concerns on the side of regulators is the increasing demand for crypto, and who are we to blame them? Crypto is actually taking the industry by storm. No doubt, regulators want to keep pace with the wave.
Kilsby drew a link between gov ministers and gambling industry regulators, with both being responsible for setting requirements. He added that “implementation often requires technological solutions in order to meet them.” And I cannot help but agree, especially for the digital era we live in.
But what does it actually mean for the gambling industry reps?
First off, tech tools make it easier than ever for industry operators to stay ahead of the curve when it comes to must-have compliance checks, such as KYC (Know Your Customer) or AML (Anti Money Laundering).
Kilsby is more than sure that this new technology is especially essential in spaces like the UK market, where new rules are rolling out pretty fast, even faster than expected. Take, for instance, those tricky affordability checks.
Here’s the twist with crypto integration, though, as Kilsby says: “It’s fair to say that regulators in established markets are struggling to find the right way to bring crypto into the regulated system.”
What’s more, “crypto is therefore serving a large role in unregulated offshore markets.”
If you’ve been around the block for a while, you probably know that crypto gambling regulation is still in a somewhat gray area. It really seems about the time regulators addressed this issue. Bringing crypto to the regulated gambling zone is indeed essential now that more gamblers are switching to digital cash.
There’s a slight move of things, which sounds promising for a start.
Besides crypto regulation, when it comes to tech alone, there are some challenges coming from the reach of the gambling industry.
Let me put it simply. As the gambling industry goes global, players and operators seem to experience a regulatory rollercoaster. For one, gambling markets are moving at different speeds, so keeping up with the playbook is an endless game of catch-up. In a few words – the “perks” of dealing with different rules from different jurisdictions.
Overall, new tech sounds amazing on paper, but it isn’t always smooth sailing. While new technology works like a charm in one market, the same tech may need a full makeover to suit another. Regulators and operators alike have to understand that tech is not a plug-and-play game.
This difference “really affects the ability of the industry to deploy new technological solutions for compliance at scale,” added Kilsby.
A bit confusing, isn’t it? After all, there is a teeny-tiny move in the integration of new tech alongside crypto within the gambling industry. Time will tell whether the industry reps are ready to take the next step.
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