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Rise and fall of cryptocurrency

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This new series will prepare you for 2024’s biggest show with the most recent developments from 2023.

In 2023, the use of cryptocurrency grew as industry became more aware of its advantages and disadvantages.

Fabio Panetta proposed at the start of this year that the trading of unbacked cryptocurrency should be managed by regulators under gambling laws. Panetta cited the failure of a number of crypto schemes in 2022. He claims that the collapse of several crypto schemes in 2022 was due to the poor structure and dysfunction within the cryptocurrency market.

Panetta stated that while some laws, such as the EU Regulation on Markets in Crypto Assets, focus on the regulation of crypto assets. He said more must be done in order to effectively manage the industry.

Stake.com was one group who had issues with cryptocurrency in 2023. In September, the Drake-backed firm was victimized by several unauthorised cryptocurrency transfers. Stake.com was affected by this attack on the Ethereum, Polygon, and Binance Smart Chain wallets.

Stake.com has not confirmed how much money was stolen. However, reports in the crypto-community suggest that 41.3m USD (PS 32.8m/EUR 38.4m).

Crypto gambling is growing in popularity

Crypto has critics but some industry players have expressed support for the technology in 2023.

Joe McCallum spoke with iGB, the then-managing Director of Yolo Group about their plans to expand gambling using cryptocurrency. It also redirected its offering to those aged 25-35. It is this group which makes up the majority of the generation that uses social media.

Yolo Group, owner of Sportsbet.io Bitcasino two crypto gambling sites is in a good position to seize the opportunity that crypto presents for the coming year.

The European Council adopted regulations in May requiring that crypto businesses be authorized. This passage started a timer for national European authorities. The authorities were then given three months in which to develop the necessary authorisation framework.

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