Colombia has both flexible and notably tricky gambling laws. For instance, gambling online has been legal in the South American country since 2016. Despite that, Colombia attempts to block access and payments to those sites which don’t have licenses issued by the EICE Coljuegos (the licensing authority).
However, crypto gambling sites in Colombia are hardly affected, mainly due to their blockchain-based payments. Also, the CNJSA (Council of Games of Luck and Chance) never prosecuted any Colombians who play at those sites. This naturally makes crypto gambling a lucrative unregulated activity falling within a legal grey zone.
Perks of choosing to play at Bitcoin gambling sites in Colombia include instant withdrawals, anonymity (which is handy in the country), and a generally more impressive selection of games than those found at Coljuegos licensed online casinos. Amongst the top BTC casinos you can join are the brands below.
Crypto Gambling Sites in Colombia – Are They Legal?
As touched on, any site awarded a Coljuegos license can legally offer their services to Colombian players, with the country’s ISPs tending to block sites which haven’t got a license. However, crypto gambling sites in Colombia tend to escape blocks, as Colombia doesn’t deem cryptocurrencies to be currencies or legal tender.
The Superintendence of Colombia (SFC) characterise cryptocurrencies as materials, and Colombian officials, financial institutions and businesses are prohibited from utilising them. Similarly, crypto businesses can’t rely on the services provided by traditional financial institutions. As such, the first crypto exchange in Columbia (Colbitex) closed a few weeks after launching in 2015. Colombian crypto regulation is notoriously tough in this manner.
Despite this stance, it is not illegal for Colombians to use cryptocurrency when gambling – as mentioned, this falls into a level grey zone. As such, many of the crypto casinos which operate offshore (and that are not blocked) are open and accepting players from the country.
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Colombian Crypto Gambling Facts
1
Cryptocurrency gambling is not regulated but also not punishable.
2
Offshore crypto casinos commonly accept players from Colombia, and you can find many of those here.
3
Cryptocurrencies are not classified as money or legal tender in Colombia.
4
Businesses in Colombia can either use cryptos or traditional financial services – not both.
Safe Colombian Crypto Betting Sites
In contrast to Coljuegos-licensed brands, Colombian betting sites with cryptos licensed offshore operate in a grey era and provide benefits which include more sports markets, sports, leagues and generally higher odds. We’ve put together a top list of options for you, including:
The term unlicensed doesn’t necessarily mean that crypto sports betting isn’t safe. On the contrary, unlicensed (in this context) only means that Colombia’s licensing authority (Coljuego) hasn’t licensed crypto sites. Many of our recommended betting sites are still licensed and regulated by offshore authorities and, in some cases, are considerably more flexible and better regulated than nationally licensed sites.
Colombia’s internet service providers may try to block your access to these sites (as they have with over 3,000 others), but it is not illegal for you to play at them. Moreover, many top crypto sites accept Colombians using VPNs to circumvent these blocks, which is also not illegal in the South American country. Keep in mind though that not all bookies are VPN-friendly, so make sure to check the t&c’s first.
Crypto Gambling Sites in Colombia – How to Deposit
Colombia has, in the past, had national crypto exchanges. However, they’ve typically failed because of the way the country’s laws work. Therefore, you’re going to need to visit an international crypto exchange to purchase such assets. Moreover, you won’t be able to use Colombian bank cards or other national financial institutions to purchase cryptocurrencies. You can, however, use e-wallets and other means.
Binance is by far the most popular exchange in Colombia, while Kraken, Capital, and eToro are also options to consider. The trickiest part of obtaining cryptos is to use a payment method which isn’t tied to a Colombian financial institution. Once you’ve got that sorted, you can simply purchase and move your cryptocurrency to your wallet.
Depositing at a Bitcoin or crypto gambling site is a doddle. Simply process the payment using your payment provider, similar to how you’d process an e-wallet transfer. Crypto deposits (and withdrawals) are ideal and preferred to Fiat currency options as they are faster, generally have more flexible caps and limits, and offer anonymity.
Step-By-Step Process
Step-By-Step Process
1
Start an account at a crypto exchange. Fund it via debit card, bank transfer or any other local option. Acquire the cryptocurrency that you are going to use as a gambling bankroll.
2
If you are not in a hurry, limit orders hold fewer fees than market orders. Sometimes, it is better to acquire the proprietary coin of the exchange first, as trading pairs with them cost less.
3
Transfer the cryptocurrency amount to your private wallet. Never make direct transactions between crypto exchanges & crypto gambling sites. Crypto exchanges may freeze such accounts.
4
Head over to the gambling site’s cashier section. Click on the relevant crypto method. The wallet’s address will appear. Copy the address and paste it into your wallet’s send function. QR code scans are commonly available too.
5
If a brand does not support crypto-only wallets, watch out for the exchange rate. Any spread above 1% of the current market rate is too much.
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After a few seconds or minutes, your deposit will settle. This depends on the cryptocurrency and the number of block confirmations required by the operator.
While the situation surrounding cryptocurrencies and gambling seems murky, the tax laws in the country are cloudier still. Let’s explore how taxes on gambling and cryptocurrency profits work in the next section.
What’s the Crypto Gambling Tax in Colombia?
The tax situation in Columbia when it comes to casinos and cryptocurrencies is cloudy at best. For instance, gambling taxes are only applied to operators, not players in the South American country. In theory, you shouldn’t pay any tax on whatever you win. However, there are laws which claim that you should pay tax on any income generated from cryptocurrencies.
The Colombian tax authorities (and the SFC) consider cryptocurrencies to be material or intangible assets. They take the stance that any revenue should be taxed as income. The Superintendence of Commerce takes an opposing view, saying that cryptocurrencies are valueless and, therefore, not taxable.
While there are two opposing views which create confusion, at present, Colombia’s tax model (which is nearly identical to the one in Spain) dictates that you should pay income tax on revenue generated from crypto assets. This, coupled with laws preventing Colombian banks and businesses from getting involved in cryptos, mean that many Colombians simply keep cryptos in a wallet, thus ensuring that they don’t have to pay tax on income as none has been generated, at least, officially.
Is Crypto Gambling Used in South America?
South America is no stranger to cryptocurrencies and especially when it comes to gambling with them, as they have overthrown traditional currencies in the locals’ affinity. We can clearly see that with Brazilian crypto gambling sites, which are now mainstream over the country, taking full advantage of the widespread Bitcoin adoption.
Moreover, Venezuela crypto gambling sites have proven that even when a national crypto like Pedro is present, they are way more efficient and economical in regards to taxing prizes from casinos. With such a landscape over the area, adding Bitcoin to your bankroll only makes sense.
To put it bluntly, the ideal way for Colombians to reach top-tier international casinos & sportsbooks is through crypto gambling sites. Locals can find an array of legal options, and the products these sites offer is just as flexible, generous, and impressive as you’d expect in any quality website. Again, you can find many of these trusted cryptocurrency casinos and sports betting sites right here on this page. They all accept players from Colombia, and offer generous welcome Bonuses.
FAQs
You can certainly purchase, trade, and use cryptocurrencies, but we wouldn’t say that Colombia is crypto-friendly as such because businesses, banks and financial institutions are prohibited from engaging with cryptos. You, as an individual, are legally allowed to, though.
Absolutely. Gambling has been legal in Colombia since 1991, and online gambling has been permitted since 2016, but only at venues and sites which are licensed by Coljuegos and administered by CNJSA.
Crypto gambling sites aren’t nationally licensed or regulated, but they aren’t illegal. Despite ISPs blocking access to over 3,000 non-Colombian betting sites, they operate in a legal grey zone which you are perfectly entitled to take advantage of.
You can use any payment provider that an exchange accepts, as long as it isn’t a Colombian financial institution or bank.
Absolutely. In fact, we’d argue that the promos and bonuses at crypto betting sites are more valuable and, in some cases, feature more flexible terms and conditions than Coljuegos licensed Colombian sites.