FunFair Technologies has applied to Isle of Man Gambling Supervision Commission for an inaugural Token Based Software Supplier Licence.
Leading blockchain-powered casino technology provider FunFair Technologies takes another step forward with its application for a Token Based Software Supplier Licence from the Isle of Man Gambling Supervision Commission.
According to an official announcement posted on the FunFair website, the company sees the licence as a key to FunFair’s “ongoing growth and wider business strategy.”
Stefan Kovach, CCO of FunFair, said:
“As an organisation, we’ve always been clear that we want to work in a well-regulated space with clarity surrounding licensure and blockchain technology. We’re very pleased that the Isle of Man’s regulatory bodies are on the same page and are making positive, pioneering steps to legislating for decentralised technology and token-based gambling.”
With the said licence, FunFair will operate in full compliance with the regulations set within the framework of a Tier 1 gaming jurisdiction.
At the same time, it will give FunFair the opportunity to help Isle of Man licence holders understand how they can benefit from integrating blockchain into their system and operations.
The new licence will also benefit two FunFair-powered casinos — CasinoFair and Crypto Casino — both of which are already licenced.
Meanwhile, FunFair has recently launched blockchain virtual racing. First in the industry, Raceday Horses allows bettors to join various racecourses and choose one of eight horses in the race.
Raceday Horses is now available in CasinoFair and Crypto Casino, and will be the first product from FunFair’s line of blockchain virtual games.