GeoComply’s Michael Dawson: Crypto unlocks ‘comprehensive’ opportunities for operators

Whilst there are still crypto sceptics in the igaming industry, we spoke to a former US Secret Service cybercrime specialist who believes that blockchain tech could unlock a safer environment for operators. 

Michael Dawson, Law Enforcement Liaison at fraud prevention specialist GeoComply, discussed the implications of crypto payments adoption driven by a global regulatory shift.

“Cryptocurrencies offer a more comprehensive range of payment options for customers,” he said. “Individuals who do not have access to traditional banking options can now place a wager. 

“Also, customers who prefer to utilise their current cryptocurrency assets for sports betting now have another payment option. It further provides a potential tax benefit for all parties involved.”

According to Dawson, another key factor of  note is that operators themselves can reject private unknown crypto wallets because they are often associated with criminal activity, such as hiding illegally-gained proceeds. 

“With proper AML controls deployed by operators to include KYC and geolocation data, cryptocurrency’s transparency as a payment platform could potentially be safer and faster in detecting fraud and money laundering.”

For operators looking to globally expand their crypto offering, the main challenge will be allowing specific transactions geographically based on country-specific laws, added Dawson.

You can read the full interview and more in the latest edition of the SBC Leaders Magazine