Casino Industry Could Mitigate Threats Via Cryptocurrency According to New Report
A recent report from the Royal United Services Institute (RUSI) highlights how governments and regulators can use can use cryptocurrency to help protect the global casino industry - from online casinos to land-based establishments - from criminal activities, particularly those linked to North Korea.
The report discusses the risks associated with proliferation finance linked to the casino and gaming sector, highlighting the exploitation of under-regulated areas by criminal actors to launder illicit assets.
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Opportunity to Learn About Risks to the Casino Industry
Policymakers, regulators, and compliance officers can learn about these risks and are encouraged to analyse potential threats as part of their national risk assessment processes.
The report, titled "North Korean Activity in the Casino and Gaming Sector: How Do Jurisdictions Respond?" points out that criminal groups and state actors are taking advantage of weak regulations in the casino sector to launder money and move illicit funds across borders. The rise of cryptocurrency has made this problem even more complicated, as it provides a method for these groups to hide their activities.
Casinos Exploited via Payments and International Transfers
Criminals are specifically exploiting casino junkets—services that bring high-stakes gamblers to casinos—by using cryptocurrencies for payments and transferring funds internationally. These transactions often go unmonitored, creating a vulnerability for casino operators around the world.
To tackle these issues, the report suggests that regulators should view cryptocurrency not only as a threat but also as an opportunity to improve monitoring.
Because cryptocurrencies are pseudonymous, authorities can use blockchain analysis tools to trace transactions, which can help in investigating suspicious activities.
Report Calls for Tougher Conditions for Cryptocurrency Usage
The report recommends that jurisdictions implement specific regulations on cryptocurrency usage in casinos, including setting limits on types of currencies allowed and transaction sizes. It also calls for additional licensing conditions for casinos that operate with cryptocurrencies.
By collaborating with cryptocurrency exchanges, blockchain analytics companies, and the gaming sector, governments can better track and manage the risks. associated with cryptocurrency in casinos. It emphasises the involvement of cryptocurrency in moving and disguising these assets, particularly noting that North Korean entities have been known to use both the cryptocurrency industry and casinos to fund and launder money for their weapons of mass destruction programs.
Overall, the report urges a stronger regulatory framework in the casino sector to identify and mitigate these emerging threats.
Meet The Author
News WriterMost of my career was spent in teaching including at one of the UK’s top private schools. I left London in 2000 and set up home in Wales raising four beautiful children. I enrolled at University where I studied Photography and film and gained a Degree and subsequently a Masters Degree. In 2014 I helped launch a new local newspaper and managed to get front and back page as well as 6 filler pages on a weekly basis. I saw that journalism was changing and was a pioneer of hyperlocal news in Wales. In 2017 I started one of the first 24/7 free independent news sites for Wales. Having taken that to a successful business model I was keen for a new challenge. Joining the company is exciting for me especially as it is a new role in Europe. I am keen to establish myself and help others to do the same.
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