Golden Palace Submits Bid for Brussels Viage Casino Concession – 30 Million Euro Investment Planned as License Expires

Key Takeaways

Golden Palace Seeks Entry into Belgian Casino Market

Golden Palace has announced that it is bidding for the concession to operate the Viage casino in central Brussels. The current 15-year concession expires on December 31, and the City of Brussels launched a public tender process in May.

If selected, the project would mark Golden Palace’s first casino operation in Belgium. While the company is active in the gaming sector, it does not currently operate a casino in its home market. The concession under tender includes a gaming license, meaning the successful applicant would secure both operational control of the property and the regulatory authorization to run casino activities.

For users of land based and online gaming services in Belgium, the outcome of the tender could influence the competitive landscape among licensed operators, particularly given the scale of the Viage property within the national market.

30 Million Euro Redevelopment Plan for Viage Site

Golden Palace has stated that it intends to invest 30 million euros in the redevelopment of the Viage casino if it wins the concession. According to the company, the project would extend beyond maintaining current casino operations.

Massimo Menegalli, CEO of Golden Palace, said the group aims to transform the existing venue into a broader entertainment complex. The concept includes combining gaming with culture, gastronomy, events and tourism within the pedestrian zone in central Brussels.

The proposed redevelopment would take place under a 15-year concession. The financial commitment outlined in the bid is tied directly to the award of that concession and the associated gaming license.

Strong Competition for Brussels Casino License

Golden Palace faces significant competition in the tender process. The current operator, Viage, is a subsidiary of Casinos Austria International and has applied to renew its license.

Other confirmed applicants include Star Casino, based in Chaudfontaine, and Napoleon Games, which operates the casino in Knokke-le-Zoute. The Ardent Group, parent company of Circus Casino and Gaming1, has also reportedly submitted an application. Ardent operates gaming establishments in Spa and Namur and runs nine venues in France through its subsidiary Circus Casino France.

Infiniti, which operates two casinos in Belgium and two in France, is also reported to have entered the bidding process.

The number of applicants reflects the commercial importance of the Brussels concession. For operators, securing the Viage license would mean control of the highest grossing casino property in Belgium based on the most recent available figures.

Viage Leads Belgian Casino Market by Revenue

According to the latest year accounted for by the Belgian Gambling Commission, Viage generated 52.45 million euros in gross gaming revenue in 2023. This made it the top performing casino among Belgium’s nine licensed gaming establishments.

The venue accounted for 37.48 percent of the country’s total casino gaming revenue during that year. This share underlines the concentration of revenue within the Belgian land based casino sector and highlights why the Brussels concession has attracted multiple bids.

For international readers monitoring regulated gaming markets, these figures illustrate the relative size of Belgium’s casino industry and the strategic relevance of a single urban property within that framework.

International Expansion Activity Among Bidders

Several of the companies involved in the bidding process also operate casinos outside Belgium. Golden Palace is expected to operate four casinos in France by the end of 2026. Ardent Group runs nine venues in France through Circus Casino France. Infiniti operates properties in both Belgium and France.

This cross border activity shows that the Brussels concession is being contested by operators with experience in multiple regulated European markets. The award decision will determine which group controls a leading asset in Belgium’s casino segment for the next 15 years.

Our Assessment

The expiration of the Viage concession at the end of December has triggered a competitive tender process involving several established gaming operators. Golden Palace has positioned its bid around a 30 million euro redevelopment plan and entry into the Belgian casino market. With Viage accounting for 52.45 million euros in gross gaming revenue and 37.48 percent of national casino revenue in 2023, the outcome of the concession will shape the structure of Belgium’s land based casino sector for the duration of the next 15-year license period.

US Credit Unions Managing $25B Join Stablecoin Infrastructure Pilot – Early-Access Program Expands Digital Asset Testing in Regulated Banking Sector

Key Takeaways

Stablecore Launches Early-Access Program for Credit Unions

Stablecore, a digital asset infrastructure provider for financial institutions, has introduced an early-access program aimed at US credit unions. The initiative is designed to allow smaller lenders to evaluate stablecoins and blockchain-based financial services before deciding on broader integration into their operations.

The program was announced in collaboration with Circuit, a credit union service organization focused on research and development, and Curql, a fintech investment collective representing more than 160 credit unions. Through this structure, participating institutions can test digital asset services within a controlled framework.

According to the announcement, credit unions managing roughly $25 billion in combined assets are eligible to explore the program’s features. The pilot provides hands-on access to stablecoin and digital asset tools rather than requiring immediate full-scale implementation.

Scope of Services: Stablecoin Payments, Bitcoin and Tokenized Deposits

The early-access initiative enables participating credit unions to test several digital asset services. These include stablecoin payment capabilities, tokenized deposits, Bitcoin support, crypto on- and off-ramps, and staking functionalities.

The testing phase allows institutions to evaluate how these services could operate within their existing banking infrastructure. Credit unions can assess technical integration, operational processes and internal compliance considerations before making decisions about permanent adoption.

Stablecore’s broader strategy focuses on integrating stablecoin and tokenized asset services directly into existing core banking systems. In February, the company joined the Jack Henry Fintech Integration Network. This network is operated by Jack Henry, a core banking technology provider serving approximately 1,670 bank and credit union core clients. Through this integration, Stablecore gains access to a large segment of financial institutions already connected to Jack Henry’s infrastructure.

Regulatory Developments: NCUA Proposes Stablecoin Licensing Framework

The launch of the pilot program comes amid evolving regulatory discussions around stablecoins within the US credit union system.

In February, the National Credit Union Administration, the federal regulator overseeing federally insured credit unions, proposed a licensing framework for payment stablecoin issuers operating through credit union subsidiaries. Under the proposal, any payment stablecoin issuer working through such a subsidiary would need to obtain an NCUA license before issuing stablecoins.

The proposal outlines a licensing process and supervisory framework. Additional rulemaking concerning reserve requirements, capital standards, liquidity management and risk controls is expected to follow at a later stage. The proposed rules were open for public comment through April 13.

This regulatory initiative signals that stablecoin activity within credit unions is moving into a more formal supervisory structure. The Stablecore pilot therefore aligns with a period in which federally insured institutions are preparing for clearer compliance expectations around digital asset issuance and services.

Credit Unions as a Growing Segment of the US Financial System

Credit unions remain a significant component of the US financial system. There are more than 4,200 federally insured institutions nationwide. While the total number of credit unions has declined over time, both membership and total assets have continued to grow.

As of the first quarter of 2026, total financial assets held by US credit unions reflect ongoing consolidation combined with asset expansion. The participation of institutions managing approximately $25 billion in assets in this stablecoin pilot indicates that digital asset experimentation is not limited to large commercial banks.

For financial service users, including those active in crypto payments or digital asset markets, credit union participation in stablecoin infrastructure testing may affect how digital payment options become available within regulated banking channels. The ability of credit unions to test on- and off-ramps and Bitcoin services within established banking frameworks may influence access points between traditional finance and crypto markets.

Our Assessment

The early-access program launched by Stablecore, in collaboration with Circuit and Curql, provides US credit unions managing approximately $25 billion in assets with a structured environment to test stablecoin payments, tokenized deposits, Bitcoin services and staking. The initiative follows regulatory steps by the NCUA to establish a licensing framework for payment stablecoin issuers operating through credit union subsidiaries. Together, these developments indicate that federally insured credit unions are moving toward formal evaluation and potential integration of stablecoin and digital asset services within existing banking systems.

Curaçao Gaming Authority Issues New Crypto Rules for Licensees – Full Compliance Required by Mid-2027

Key Takeaways

New Crypto Policy Applies to All B2C Licensees

The Curaçao Gaming Authority, or CGA, has issued a comprehensive crypto policy guideline targeting holders of its business-to-consumer online gambling licences. The framework takes effect in June 2026 and applies to all group entities involved in cryptocurrency transactions.

According to the regulator, the objective is to align the management of virtual assets with international anti-money laundering and countering the financing of terrorism standards. The rules cover the entire lifecycle of crypto use within licensed gambling operations, including deposits, wagering, withdrawals, and treasury management.

For operators that have historically relied on crypto as a core payment method, the guidance introduces structured compliance obligations that go beyond basic acceptance of digital assets. The CGA retains the authority to demand faster implementation if it identifies significant risk exposure.

Strict Role Limitations and Asset Controls

Under the new rules, Curaçao-licensed operators may accept cryptocurrencies exclusively as a means of payment for gambling activities. They are not permitted to function as exchanges, custodians, or virtual asset service providers.

The policy sets clear expectations regarding the types of digital assets that may be used. Fiat-backed stablecoins are preferred. Privacy coins, meme coins, and wrapped tokens of unclear origin must undergo assessment and may be excluded if they do not meet risk standards.

In addition, the CGA has imposed an outright ban on funds connected to mixers, tumblers, or sanctioned blockchain addresses. Operators must immediately prohibit transactions involving sanctioned wallets and may not process crypto linked to services designed to obscure transaction origins.

These measures directly affect how platforms structure their crypto offerings. Operators must ensure that asset acceptance policies reflect the regulator’s risk-based approach and documented due diligence.

Mandatory Blockchain Analytics and Wallet Segregation

A central component of the guidelines is the requirement for blockchain analytics capability. Licensees must implement wallet screening, risk scoring, and transaction monitoring for both deposits and withdrawals.

This obligation covers the identification of high-risk wallets and ongoing assessment of transactional behavior. Operators are also required to maintain transaction reconciliation processes and audit-ready records as part of their compliance framework.

The CGA further mandates strict wallet segregation. Player wallets, operational wallets, and treasury wallets must be kept separate. The use of personal wallets or wallets linked to ultimate beneficial owners is explicitly prohibited.

These requirements extend beyond front-end payment acceptance and reach into back-end treasury management. Operators must demonstrate structured internal controls that clearly distinguish customer funds from operational capital and corporate reserves.

Phased Timeline Through June 2027

The regulator has introduced a phased implementation schedule extending to mid-2027.

Within three months of the policy’s introduction, licensees must submit a compliant crypto policy through the CGA portal. Within six months, operators are expected to complete risk assessments, conduct due diligence on virtual asset service providers, and provide staff training on the new requirements.

Full compliance is required within twelve months, by June 2027. At that point, operators must have implemented wallet segregation, deployed blockchain analytics systems, ensured transaction reconciliation, and maintained documentation suitable for regulatory review.

Although the timeline allows gradual implementation, the CGA has stated that it may require accelerated compliance if significant risks emerge during the transition period.

Alignment With International AML Standards

The CGA’s updated guidance reflects broader international regulatory developments concerning virtual assets. The framework aligns with standards promoted by the Financial Action Task Force, including the incorporation of Travel Rule principles and enhanced transparency requirements.

The regulator’s approach mirrors a wider trend among gambling authorities that are intensifying oversight of crypto payments. Regulatory attention has increasingly focused on consumer protection and anti-money laundering safeguards in environments where digital assets are used.

By integrating blockchain analytics, asset risk classification, and strict wallet management into licensing conditions, the CGA is formalizing crypto oversight within its jurisdiction. The move places crypto handling on a comparable compliance footing to traditional financial controls.

Operational Impact for Curaçao-Licensed Platforms

For operators holding a Curaçao licence, the policy introduces measurable compliance obligations across multiple operational layers. Payment processing, treasury management, internal governance, and staff training will all require structured documentation and oversight.

Platforms that previously accepted a broad range of digital assets without systematic screening will need to reassess asset listings and integrate monitoring tools. Due diligence on external service providers, including virtual asset service providers, becomes a documented requirement.

The prohibition of sanctioned wallets and mixer-related funds also necessitates real-time screening capabilities. Failure to implement these controls could expose operators to regulatory action under the CGA’s updated framework.

Our Assessment

The Curaçao Gaming Authority has introduced a detailed and phased crypto compliance framework that applies to all B2C licensees from June 2026, with full implementation required by June 2027. The rules impose clear restrictions on the role of operators, define acceptable asset categories, mandate blockchain analytics and wallet segregation, and prohibit transactions linked to sanctioned or obfuscation-related addresses. For Curaçao-licensed gambling platforms, crypto operations will now be subject to structured anti-money laundering controls and documented oversight aligned with international standards.

StarkWare Launches Private KYC on Starknet – Zero Knowledge Proofs Aim to Reduce Personal Data Exposure

Key Takeaways

StarkWare Introduces Private KYC on Starknet

StarkWare has unveiled a Private KYC system on its Starknet network, presenting it as a demo that allows users to complete know your customer checks without disclosing their full personal information. The system relies on zero knowledge STARK proofs and STRK20 privacy features to confirm specific eligibility criteria while limiting the exposure of sensitive data.

According to the company, the approach enables users to prove individual attributes such as being over 18, holding a valid credential, or meeting other eligibility requirements. Instead of sharing an entire passport or detailed personal record, users can submit a cryptographic proof that confirms only the required fact.

StarkWare stated that identity verification processes often request complete documents when only a single data point is necessary. The Private KYC model is designed to reduce the amount of information collected and stored by institutions, which can become security liabilities once accumulated in centralized databases.

How the Private KYC Process Works

The process begins with users scanning their passport using a smartphone. The system uses the device camera and NFC chip to read the passport and confirm that the document is genuine and digitally signed by the issuing authority.

Once verified, users encrypt their identity data directly to their Starknet wallet. Rather than uploading full identity documents to a centralized server, the encrypted information remains under the user’s control. Relevant attributes are then registered in a public onchain registry.

When verification is required, users submit zero knowledge proofs derived from their encrypted data. Smart contracts validate these proofs. Verifiers can read the public registry to confirm that the necessary condition has been met, but they do not gain access to the underlying identity information. As StarkWare describes it, contracts check the proofs, not the passports.

This design aims to separate verification from data custody. Institutions confirm compliance requirements without creating additional copies of identity documents that would need to be stored and protected.

Data Breaches Provide Context for Privacy Focus

The launch comes at a time when data breaches continue to increase across industries. In 2025, the United States recorded 3,322 data compromises, representing a 79 percent increase over five years, according to StationX. The global average cost of a data breach stands at 4.4 million dollars.

Healthcare data has been particularly affected. Axis Intelligence reports that more than 1 billion healthcare records have been breached as of 2026, with an average breach cost of 7.42 million dollars. In 2025 alone, 772 large healthcare data breaches were confirmed in the United States, marking the highest annual total on record.

The crypto industry has also experienced significant incidents. In 2020, hardware wallet provider Ledger suffered a major database breach that exposed more than 270,000 customer records. The leaked data led to extensive phishing campaigns that persisted long after the initial incident.

Against this backdrop, StarkWare positions Private KYC as an alternative to traditional models that require companies to collect and store full identity datasets.

Comparison With Other Zero Knowledge Identity Models

StarkWare’s Private KYC system has drawn comparisons to World ID, a project associated with Sam Altman’s Worldcoin initiative. World ID uses zero knowledge proofs to verify that a user is human, based on biometric iris scans collected through dedicated hardware devices.

However, World ID has faced criticism over centralized custody of biometric data. StarkWare’s model differs in that it emphasizes self custody. Users encrypt their identity information directly into their own Starknet wallets rather than relying on a central database of biometric identifiers.

Both systems rely on zero knowledge cryptography to separate verification from raw data exposure. The key distinction lies in how and where sensitive information is stored and controlled.

Relevance for Crypto Platforms Requiring KYC

For crypto platforms, including exchanges, payment services, and other regulated applications, KYC compliance remains a standard requirement. Typically, this involves collecting copies of passports, proof of address, and other personal documents, which are then stored in company databases.

Private KYC introduces a model in which compliance checks can be completed through cryptographic proofs rather than direct document transfers. Verifiers confirm that a user meets predefined criteria without retaining full identity files.

For users of crypto based financial or gaming services, the model addresses a central tension in digital compliance: meeting regulatory standards while limiting personal data exposure. The demo illustrates how onchain registries and zero knowledge proofs can be combined to achieve selective disclosure.

Our Assessment

StarkWare’s Private KYC demo on Starknet presents a verification framework that uses zero knowledge STARK proofs to confirm specific eligibility criteria without revealing full identity data. The system relies on passport scanning, encrypted self custody storage, and onchain attribute registration.

The rollout takes place amid rising global data breaches and increasing costs associated with centralized identity storage. By separating verification from data custody, the model aims to reduce the volume of personal information held by institutions while maintaining compliance checks through cryptographic validation.

Bull Bitcoin Secures MiCA License in France – EU Users Retain Full Self-Custody and Privacy Features

Key Takeaways

MiCA License Secured in France After Multi-Year Compliance Process

Bull Bitcoin announced on June 23, 2026 that it has obtained a license under the European Union’s Markets in Crypto-Assets Regulation in France. The authorization enables the company to continue providing its Bitcoin exchange and payment services to users in EU member states without interruption.

Founder Francis Pouliot described the license as the result of a nearly three-year effort to enter the European market. According to his public statement, the process was fully self-financed, and the company did not seek funding from external investors or lenders.

The approval comes at a time when EU crypto rules under MiCA are tightening. Around the same period, the European Securities and Markets Authority ordered unlicensed crypto firms to exit the EU market as the MiCA deadline arrived. Against this backdrop, securing a license provides regulatory clarity for companies seeking to operate legally within the bloc.

Self-Custody Model and Privacy Tools Remain Unchanged

According to Bull Bitcoin, the MiCA license was obtained without altering its core operating model. The company states that all website and wallet features will remain the same as they were during the first half of 2026, with no additional restrictions or functional changes for users.

Bull Bitcoin operates as a Bitcoin-only, non-custodial exchange. Users must provide their own wallet address before completing a purchase. Bitcoin is then sent directly to the user’s wallet rather than being held in custody by the company. This structure means the platform does not retain control over client funds.

The company has long positioned itself around a self-custody approach. In addition to standard exchange services, it offers Bitcoin bill payment services for expenses such as rent, utilities, and real estate transactions. It also supports Lightning Network, Liquid, and Payjoin, which are tools associated with transaction efficiency and privacy.

Pouliot stated that obtaining the license did not require the company to compromise on what he described as its cypherpunk approach to self-custody and privacy. However, the announcement did not detail how potential tensions between user privacy expectations and MiCA compliance requirements were resolved.

Cybersecurity Audits Completed Without Third-Party Infrastructure

As part of the licensing process, Bull Bitcoin reported passing the required PASSI and DORA cybersecurity audits. The company emphasized that it did so without outsourcing its core Bitcoin infrastructure to external hosted providers.

According to Pouliot, relying on third-party infrastructure would have been easier and less costly but would have reduced internal control over systems. Instead, the firm maintained in-house management of its core infrastructure throughout the compliance process.

For users, this detail relates directly to how a service manages operational risk and technical control. Infrastructure decisions can affect data handling, system resilience, and service continuity. In this case, Bull Bitcoin states that its internal systems remain intact following regulatory approval.

BULL Wallet and Exchange Integration Continue Under New Authorization

In October 2025, Bull Bitcoin launched the BULL Wallet, described as a global, open-source, privacy-focused mobile application available on iOS and Android. The wallet includes opt-in integration with the company’s exchange.

Features include support for Payjoin, compatibility with Lightning and Liquid, and a policy of no data collection or push notifications. According to the company, both the wallet and its integration with the exchange remain unchanged under the newly obtained MiCA license.

For users in the EU who rely on integrated wallet and exchange services, the continuation of these features means the user experience remains consistent despite the regulatory shift.

European Expansion and Regulatory Positioning

Bull Bitcoin was founded in 2013 in Montreal by Francis Pouliot. The company has expanded its team in France and developed services tailored to the eurozone. The newly secured authorization provides what the company describes as a long-term regulatory foothold in Europe.

Pouliot has previously referenced the firm’s experience navigating Canadian oversight. The MiCA approval aligns with the company’s stated approach of meeting regulatory obligations while maintaining its core operational model.

The broader regulatory environment in the EU has prompted some crypto providers to alter operations or withdraw from certain markets. In this context, obtaining a MiCA license allows Bull Bitcoin to continue offering services legally across member states under a harmonized framework.

Our Assessment

Bull Bitcoin’s MiCA license in France allows it to continue operating its Bitcoin-only, non-custodial exchange and payment services across the European Union. The company states that its self-custody model, privacy features, wallet integration, and in-house infrastructure remain unchanged following regulatory approval. The development positions Bull Bitcoin among the providers that have secured authorization under the EU’s new crypto framework while maintaining their existing service structure.

Gibraltar Launches Search for New Gambling Commissioner – Leadership Change Follows Regulatory Reform Transition

Key Takeaways

Government Opens Recruitment for Gambling Commissioner

The Government of Gibraltar has formally begun the process of appointing a new Gambling Commissioner and Executive Director. The recruitment follows confirmation that Andrew Lyman, who has held the position since January 2018, will leave office.

According to the official job posting, the role includes strategic leadership and overall responsibility for Gibraltar’s Gambling Division. The successful candidate will oversee regulatory operations and help guide the territory’s gambling framework during an ongoing period of legislative transition.

The position is offered on a fixed two-year term, with the possibility of renewal. The government describes the compensation package as competitive. Applicants must be resident in Gibraltar at the time of appointment.

Applications close on 26 June. Interviews are expected to begin in mid-July. No timeline has been announced for when the final appointment will be confirmed.

Experience Requirements Reflect Regulatory and Fiscal Focus

The government has outlined detailed qualification requirements for prospective candidates. Applicants must demonstrate at least five years of senior executive, regulatory, or strategic experience within the gambling sector.

In addition, the role calls for a strong understanding of operational, commercial, and regulatory frameworks governing gambling. This includes familiarity with gaming taxation and fiscal policy, indicating that the commissioner’s remit extends beyond licensing and compliance into financial oversight and revenue structures.

Candidates are also expected to have experience engaging with stakeholders in the United Kingdom government. The job description further requires knowledge of international gambling markets and regulatory systems beyond the UK.

These criteria reflect Gibraltar’s position as a jurisdiction that interacts with multiple regulatory environments. For operators licensed in Gibraltar, including those serving international markets, regulatory leadership plays a central role in maintaining operational certainty.

Andrew Lyman’s Tenure Since 2018

Andrew Lyman has served as Gibraltar’s Gambling Commissioner since January 2018. Before taking up the role, he spent more than eight years at William Hill, where he held positions including director of group regulatory affairs.

Earlier in his career, Lyman worked in senior enforcement and monitoring roles at the UK Gambling Commission. His background combined private sector regulatory management with public sector oversight experience.

During his time in Gibraltar, Lyman oversaw significant changes to the territory’s gambling legislation. His tenure included the introduction of updated gambling laws and broader regulatory reforms. A transition period related to these reforms began in April.

The reforms replaced Gibraltar’s previous gambling framework, which had been in place since 2005. The legislative overhaul marked a structural update of the jurisdiction’s regulatory model, affecting licensed operators and compliance processes.

Regulatory Transition and Market Implications

The search for a new commissioner comes at a time when Gibraltar is implementing its updated legislative framework. The ongoing transition period signals that regulatory adjustments are still being embedded into operational practice.

For gambling operators licensed in Gibraltar, leadership continuity within the Gambling Division is directly relevant. The commissioner holds overall responsibility for regulatory strategy, supervision, and engagement with both domestic and international stakeholders.

The explicit requirement for expertise in gaming taxation and fiscal policy highlights the financial dimension of the role. Tax structures and fiscal oversight are central components of a licensing jurisdiction’s attractiveness and stability. While the government has not announced any additional policy changes alongside the recruitment process, the professional profile sought suggests continued focus on regulatory robustness and cross-border engagement.

The requirement for familiarity with international regulatory systems also reflects Gibraltar’s interaction with multiple markets. Operators serving customers across different regions must comply with varying standards, and regulatory leadership can influence how a jurisdiction aligns its framework with external expectations.

Next Steps in the Appointment Process

With applications closing on 26 June and interviews scheduled to begin in mid-July, the selection process is moving on a defined timeline. However, the government has not specified when the new commissioner will formally take office.

The fixed two-year term, with the possibility of renewal, indicates that the appointment is structured but potentially extendable. Residency in Gibraltar is a mandatory condition upon appointment, underscoring the expectation of on-site leadership.

Until a successor is named, Andrew Lyman remains in post. No additional details have been provided regarding the exact date of his departure.

Our Assessment

Gibraltar’s decision to recruit a new Gambling Commissioner marks the conclusion of Andrew Lyman’s tenure, which began in 2018 and included oversight of updated gambling legislation and regulatory reform. The government is seeking a candidate with senior regulatory experience, fiscal expertise, and international market knowledge, reflecting the strategic importance of the role. The appointment process takes place during a transition to a new legislative framework, making regulatory leadership continuity a central operational consideration for licensed operators.

Swiss Casino Revenue Falls 2.1 Percent in 2025 – Online Growth Fails to Offset Land Based Decline

Key Takeaways

Total Revenue Declines Despite Modest Online Increase

Switzerland’s regulated casino market closed 2025 with lower overall revenue, according to figures published by the Swiss Federal Casino Commission, known as ESBK. Total gross gaming revenue amounted to CHF878.5 million, compared with CHF898 million in 2024. The 2.1 percent decline reflects continued pressure on land based operations.

The breakdown highlights the shift within the market. Land based casinos generated CHF564.9 million, representing a 3.9 percent decrease year on year. Online casino operations reached CHF313.6 million, up 1.2 percent compared with the previous year. While digital gambling expanded, the increase was not sufficient to compensate for weaker performance in physical venues.

For users comparing regulated markets, the figures show that online gambling in Switzerland continues to grow, but at a slower pace than in earlier expansion phases following the 2019 gambling law reforms.

Lottery and Sports Betting Turnover Also Down

Separate data from Gespa, the supervisory authority for lotteries and sports betting, indicates that the broader gambling sector also recorded lower activity. Lottery and sports betting turnover declined 2.4 percent year on year to CHF3.87 billion in 2025. Gross player yield fell 3.7 percent to CHF1.203 billion.

These parallel declines across casinos, lotteries, and sports betting suggest a general contraction in regulated gambling revenue during the reporting period. For operators and users, this reflects a stable but not expanding market environment.

Federal Casino Levy and Regulatory Budget

The federal casino levy, which is derived from casino revenue, also moved lower in line with overall performance. In 2025, the levy generated CHF263.1 million, a 2.1 percent decrease compared with the previous year.

Of this amount, CHF219.99 million went to the federal government and CHF43.08 million to cantonal authorities. ESBK operated with a budget of CHF10.7 million. Fees and fines contributed CHF9.36 million, while CHF1.35 million was provided by the federal treasury.

These figures underline the fiscal role of licensed casinos within Switzerland’s public finance structure, where gambling revenue supports both federal and cantonal budgets.

New Concession Cycle and Changes in Casino Operations

The 2025 results mark the first year of Switzerland’s new concession cycle, which runs through 2044. The Federal Council had granted new agreements to all casinos in 2024, making 2025 the first year in which operators functioned under the updated long term framework.

By the end of the year, Switzerland had 20 land based casinos and nine online operators.

Several structural changes occurred during the year. Casino St. Moritz closed in April due to financial difficulties. ESBK revoked its concession in August, and the licence will not be re tendered before a federal review scheduled for 2028. Casino Schaffhausen ceased operations in October after 23 years, with Casino Winterthur absorbing its staff and assets.

Casino Davos temporarily closed to relocate and reopened on 15 December after passing a regulatory inspection.

Online licensing also saw adjustments. Mendrisio launched online gambling in July 2025. Casino Basel and Casino Montreux exited the online segment after determining that operations were not financially sustainable, leading to the revocation of their licence extensions. Prilly received an extension until 31 October 2026 to begin online operations due to unexpected building remediation work.

For users assessing market availability, these changes clarify which operators remain active both offline and online under the new concession period.

Regulatory Action Against Illegal Online Gambling

ESBK reported a strong rise in unauthorised online gambling activity during 2025. In response, the regulator added 580 domain blocks targeting illegal gambling websites and opened 105 new investigations.

Swiss law permits access blocking when gambling sites target Swiss users without holding a domestic licence or when operators conceal their location while operating from abroad. ESBK cooperated with cantonal police and public prosecutors through joint operations and training initiatives.

The commission also called for closer cooperation between European regulators, noting that unauthorised gambling websites often operate across borders more quickly than national enforcement systems can respond.

For international users, this enforcement activity is relevant because it affects which platforms remain accessible within Switzerland and underlines the distinction between licensed domestic operators and offshore sites.

Player Exclusion Register and Cross Border Recognition

Player protection remained a focus area. Registrations in Switzerland’s nationwide exclusion register, known as Spielsperre, have increased each year since the 2019 reforms.

From 7 January 2025, Switzerland and Liechtenstein began automatic mutual recognition of gambling exclusion orders. This means that exclusion decisions in one jurisdiction are recognised in the other.

However, ESBK identified weaknesses in the current system. Some information in the exclusion register was described as outdated or insufficient to reflect current player risk. The commission stated that amendments to the federal money games law or its ordinance may be required to improve the effectiveness of the register.

Our Assessment

The 2025 data show a regulated Swiss casino market experiencing a moderate revenue decline, driven primarily by weaker land based performance. Online gambling continued to grow, but at a limited rate. At the same time, authorities managed structural changes under a new concession cycle, intensified enforcement against unauthorised online operators, and reviewed player protection mechanisms. Together, these developments define the current operating environment for licensed casinos and online gambling providers in Switzerland.

Bithumb Lists Canton Coin in KRW Market – Institutional Blockchain Gains Access to Korean Retail Trading

Key Takeaways

Bithumb Adds CC to Its Korean Won Market

Bithumb, South Korea’s second-largest crypto exchange, has listed Canton Coin (CC) in its Korean won market. The exchange announced the new CC/KRW trading pair early Tuesday, with deposits opening within two hours of the notice. Trading was scheduled to begin at 14:00 KST on June 23.

The listing introduces Canton Coin to one of Asia’s most active retail trading venues. Until now, CC had primarily been available in USDT trading pairs on exchanges including Kraken, Bybit, OKX, and KuCoin. The addition of a direct KRW pair removes the need for Korean users to access dollar-denominated markets to gain exposure to the token.

Following the announcement, CC was trading at $0.1544, giving it a market capitalization of $6.0 billion. The token recorded a 1.2% price increase in the 24 hours after the listing became public.

Canton Network’s Institutional Background

Canton Coin is linked to Canton Network, a privacy-preserving blockchain developed by Digital Asset. The network is designed for the tokenization, trading, and settlement of real-world assets. Its infrastructure focuses on enabling regulated financial institutions to manage collateral, conduct repo financing, and perform intraday settlement processes within permissioned workflows.

Canton Network has attracted participation from major financial institutions. Goldman Sachs, Citadel Securities, and DTCC have taken part as founding institutional users of the network. Investors in the broader project include BNP Paribas and Tradeweb.

Digital Asset, the developer behind Canton Network, recently closed a $355 million funding round led by a16z crypto earlier this month. The network has also expanded its ecosystem partnerships. It added Visa and stablecoin issuer Brale for SBC stablecoin settlement trials. In June, Canton was included among eight blockchains selected as part of Mastercard’s card-settlement network expansion.

This institutional orientation has shaped Canton’s positioning to date. The network’s primary audience has consisted of regulated entities rather than retail participants. Its focus has been on infrastructure supporting capital markets activity rather than public, open trading environments.

Shift From Institutional Infrastructure to Retail Market Access

The listing on Bithumb represents a change in distribution for Canton Coin. By entering the KRW market, CC becomes directly accessible to South Korean retail investors through a local currency trading pair.

Previously, access to the token for many retail users required trading through USDT pairs or engaging indirectly with validator participation. A Korean won pair simplifies the process for users who prefer domestic currency settlement and exchange infrastructure.

South Korea’s crypto retail market is among the largest globally by per-capita trading volume. Exchanges operating in the country often serve a highly active base of individual traders. Bithumb has a record of listing assets with institutional backing as they attract broader market attention.

The introduction of CC into this environment places a blockchain originally designed for institutional use into a retail-facing trading context. While the underlying network continues to focus on regulated financial workflows, the token itself can now circulate more widely among individual investors.

Canton Network has not issued a public statement specifically addressing the Bithumb listing. The development was reported shortly after announcement by WuBlockchain.

Market Position and Current Trading Data

At the time of reporting, Canton Coin’s market capitalization stood at $6.0 billion. The token price of $0.1544 reflected a 1.2% increase over the previous 24 hours following the listing news.

The addition of a KRW trading pair may influence liquidity distribution across exchanges. Prior to this listing, liquidity was concentrated in USDT markets on international platforms. A direct Korean won pair introduces a new fiat gateway and may alter trading flows depending on domestic demand.

For users comparing exchanges or evaluating token availability, the Bithumb listing expands the set of regulated platforms where CC can be traded. It also provides a fiat entry point that differs from stablecoin-based markets.

Our Assessment

Bithumb’s decision to list Canton Coin in its KRW market introduces an institution-focused blockchain token to South Korea’s retail trading environment. Canton Network is backed by established financial institutions and has secured significant funding, while its infrastructure is designed for regulated capital markets activity.

The new KRW pair broadens access beyond USDT-based markets and integrates CC into one of the world’s most active retail crypto ecosystems. The development links institutional blockchain infrastructure with direct retail market exposure through a domestic fiat trading pair.