ESPOO, Finland - AussieJournal -- Finland's upcoming gambling reform could ban cryptocurrencies as a payment method for licensed operators, a move Kryptokasinot.io says may weaken the reform's channelization goals.

Under the current proposal, licensed gambling operators would not be allowed to offer cryptocurrency deposits or withdrawals, even as crypto gambling continues to grow internationally. Finland will transition from Veikkaus' monopoly to a licensed gambling market in July 2027.

The proposed framework would require licensed operators to follow strict payment and compliance rules that currently exclude cryptocurrency transactions.

Kristoffer Kantola, Co-Founder of Kryptokasinot.io, expressed concerns over what he views as overly restrictive regulation of cryptocurrencies within the new gambling framework.

"Kryptokasinot.io opposes the ban of cryptocurrencies in Finnish gambling law. Prohibiting cryptocurrencies as payment method would likely result in a significant share of gambling activity remaining on offshore crypto casinos operating outside the regulated market."

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Proposed Ban May Push Players Offshore

Although many industry stakeholders supported allowing cryptocurrencies during the legislative consultation process, the published proposal continues to prohibit crypto assets as a payment method.

In practice, licensed operators would not be permitted to accept deposits or process withdrawals using cryptocurrencies .

Kantola emphasizes that he understands the reasoning behind the restrictions: "AML and transaction monitoring concerns are understandable, but cryptocurrencies are already being used for gambling regardless of regulation."

Even if Finland adopts a restrictive stance toward cryptocurrencies, crypto users themselves are unlikely to disappear. If licensed operators are unable to offer cryptocurrency payments, many players may continue using offshore gambling platforms instead.

A Licensed Market Could Also Benefit From Controlled Crypto Gambling

Crypto gambling continues to grow globally. According to Kantola, Finland has an opportunity to position itself as a modern and responsible regulator by adopting a more balanced approach to cryptocurrency gambling.

"Several European jurisdictions, including Malta, already allow limited cryptocurrency gambling under strict compliance and transaction monitoring requirements."

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Finland Still Has Time to Shape Its Regulatory Approach

When Finland's licensed gambling market launches in July 2027, cryptocurrency gambling will not initially be permitted under the proposed framework.

Kantola believes policymakers should consider a model that balances consumer protection with market realities: "Balanced regulation would better protect Finnish consumers while keeping gambling activity within licensed environments."

Such a model could allow cryptocurrency payments within licensed casinos under strict compliance standards, including enhanced KYC procedures, AML controls, and transaction monitoring systems.

" Finland has an opportunity to build a balanced and modern regulatory framework for cryptocurrency gambling", Kantola concluded.

About Kryptokasinot.io: a Finnish crypto casino comparison platform providing independent information about responsible cryptocurrency gambling. The website offers comprehensive guides and reviews designed to help consumers make informed, data-driven decisions related to the world of cryptos and iGaming.

Contact

Kristoffer Kantola

info@kryptokasinot.io