iGB’s new series covering the latest developments in the cryptocurrency industry since 2023 has highlighted the continued growth of cryptocurrency and its impact on the gambling sector.

Fabio Panetta, a board member at the European Central Bank, proposed at the beginning of the year that trading unbacked cryptocurrencies should fall under gambling laws. Panetta’s proposal was sparked by the collapse of several crypto schemes in 2022, which he attributed to poor structure and dysfunction in the crypto market. He emphasized the need for more effective industry management beyond existing regulations such as the EU’s Regulation on Markets in Crypto Assets.

One company that faced challenges with cryptocurrency in 2023 was Stake.com, backed by rapper Drake. The company experienced unauthorized crypto transfers in September, affecting wallets on Ethereum, Polygon, and the Binance Smart Chain. While the exact amount stolen was not confirmed by Stake.com, media reports within the crypto community suggested that $41.3 million had been taken.

Despite criticisms of cryptocurrency, there was also vocal support for it in the industry. Joe McCallum, then-managing director of Yolo Group, spoke about the company’s plans to offer gambling with cryptocurrency to a wider audience. This included targeting the 25-35 age bracket, who make up a significant portion of the social media generation. With ownership of Sportsbet.io and Bitcasino, two crypto gambling services, Yolo Group is well-positioned to capitalize on the crypto opportunity.

In May, the European Council passed regulations requiring crypto businesses to obtain authorization, prompting European national authorities to create the necessary authorization framework within three months.

As the cryptocurrency industry continues to evolve and expand, iGB’s series on the latest developments aims to provide insights and updates for stakeholders preparing for ICE, the biggest show of 2024. This coverage will be essential for understanding the intersection of cryptocurrency and the gambling sector in the year ahead.

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