The Asian Racing Federation issued a warning on the rising use of blockchain and cryptocurrencies, noting that it has facilitated a rise in illegal online casinos and money laundering.
“International law enforcement and anti-money laundering bodies have highlighted that blockchain and cryptocurrencies facilitate illicit activities including illegal betting and money laundering,” the federation said in its quarterly bulletin.
Bitcoin is now accepted by 284 online casinos and 127 international sports betting sites, according to Asia Gaming Brief, which also reports that at least 780 offshore websites accept one or more of the five largest cryptocurrencies, huge increases over the past two years. Customers can sign up instantly with little oversight.
The federation also said Macau junkets are using the technology to transfer money without detection to offshore the “criminal proceeds” of their illegal betting operations.
