Digital currency’s relationship with gaming in the CIS region has rapidly changed in recent years, especially as the payment sector has embarked upon a rapid digitalisation. 

At the SBC Summit CIS, the question was posed over how regulatory framework has changed as digital currency has become more positioned at the forefront of the gaming and betting sector.

On his role within digital currency and how its position in the payment ecosystem has evolved, Max Krupyshev, CEO and Co-Founder at CoinsPaid, described the current situation as a ‘double-edged sword’. 

He stated: “I began in 2013, and nobody spoke about regulation, but in 2015 all the crypto conferences were about regulation because something new appeared, and it was new to everyone. 

“On the one hand, it was easier earlier because it was something new something technological you could come to the bank, open an account for crypto business, but now you come to a bank, they ask you what licenses you have? What do you do? And, how do you verify the user? 

“It’s because crypto is one of the recommendations from institutions that are responsible for finances, but if you come to a large business, and then say, well the acceptance of currency. Back then it was difficult to do it because these lawyers had no documentation of all this. So, back then it was easier to say no.”

He added on how the regulatory situation has developed and demands have changed during his tenure: by revealing that ‘it was easier to do business in 2013’, going on to emphasise that the definition of cryptocurrency is sometimes not clear, with fragmented regulation not helping the bring clarity to the situation. 

Panel moderator and Senior Partner, CEO at 4H Agency, Ilya Machavariani, then asked whether the opportunity for alternative payments is something that players think about. 

Alexandr Bondarenko, CEO at Wooppay, responded: “Let’s begin with the question of why people use crypto, when it comes to players for example, it’s possible that they don’t fully want to disclose their identity. And they have these assets and they need to use them somewhere.

“We understand that in such a case when the regulator pushes the limits in terms of conservative payments and crypto. We need to offer something we need to act somehow proactively.

To view the SBC Summit CIS visit the event’s official website.