Cryptocurrencies and beyond : crime and the i-gaming industry

Abstract

Technology is evolving at an amazingly rapid speed. One of the real observable proof of this could be seen in the iGaming Industry, which is growing globally each year. The aim of this research is to discover how cryptocurrencies and their underlying technology will impact the iGaming Industry. Literature involves an explanation of the technical words and processes from the emerging industry of technology, indicates the prominent crimes that are likely to emerge and how virtual currencies and the distributed ledger technology can be exploited by devious minds. It outlines how international governments are reacting to these technologies and finally delves into the iGaming Industry with a focus on Malta. Findings for this study were obtained through the qualitative approach, using semi-structured interviews with professional individuals who are either involved or have great knowledge in the iGaming sector, technology industry, policy makers and legal experts. Results were analysed utilising the thematic approach. The iGaming Industry is perceived to benefit from emerging technologies. However, the industry will not be dependent on them. Furthermore, since the iGaming Industry is regarded as a rich business network, the risk of criminal exploitation increases accordingly. The iGaming Industry will continue to nurture and deploy new technologies in order to improve the quality of services and enhance the level of security for the future. This needs to be aligned with a willingness to say one step ahead of predatory minds that are never eager to exploit the industry. Findings reveal that there is a strong need to increase awareness on preventative measures and security procedures, whilst enhancing the quality of training to address lacunae in skills and knowledge. The industry does realize the need to leverage these technologies, because there is a growing concern that not enough is being done to ensure appropriate safety mechanisms. Therefore, there is a need to conduct research on different levels: legal, technical and procedural. The fact that criminals are always ready to exploit weakness is apparent.