(short): Rise of crypto-casino (Chile)

Cryptocasino growth (Chile)

1) Why cryptocasinos are growing right now

Availability of cryptoinfrastructure. Local exchanges operate in the country (for example, Buda. com) with CLP pairs and public materials on taxes and compliance - this simplifies entry for players and merchants, and also increases financial literacy in terms of crypto assets.

Fintech reform. Ley 21 has been operating since February 2023. 521 (Fintech Law): The Financial Market Commission (CMF) has begun its implementation, launching registration/supervision and open finance regimes; this indirectly normalizes the circulation of digital assets (VASPs - under AML/KYC).

Tax certainty. SII Tax Service expressly confirms: income from transactions with crypto assets - taxable income; in 2025, the Service again emphasized this in public explanations. The presence of rules reduces regulatory uncertainty around crypto payments and calculations.

Consequence: it is easier for users to buy/withdraw crypto assets, and for operators to accept crypto through VASP payment/acquiring providers, observing basic AML/KYC procedures.

2) But the "gray market" is narrowing: what changes in 2025

The Online Gaming Regulation Act advanced in the Senate (August 2025). It creates a formal licensing regime for betting and online games and is aimed at displacing illegal immigrants. The overall approval stage has passed; document for revision in commissions.

Judicial blockages. On September 30, 2025, the Supreme Court ordered Internet providers to block access to unlicensed betting/gaming sites (cryptocasino without permission also belongs to this category). The decision is already being broadcast to carriers.

Conclusion: the growth of cryptocasino as a "gray" segment rests on system locks and the future license model. Further expansion is possible mainly in the white field - through local licenses/aggregators and KYC-compatible crypto payments.

3) Legal framework for crypto payments

Fintech Law (Ley 21. 521) + CMF bylaws create an umbrella for digital asset service providers (registration, disclosures, AML/KYC). This is not "legalization of cryptocasino," but a legal corridor for payment infrastructure with crypto.

AML/FT and financial intelligence. Back with Ley 19. 913 operates the UAF (Unidad de Análisis Financiero) as a base for anti-laundering - including new revisions 2023-2024. This sets a high standard for monitoring crypt operations.

SII taxes. Gains from sale/exchange of crypto assets are subject to declaration; the use of crypt as a means of payment is actually interpreted as a payment in kind with corresponding consequences for the tax base.

4) Crypto-casino business case in Chile (2025-2026)

Demand drivers

Fast cross-border deposits/disbursements (USDT/USDC/BTC), less dependence on cards/bank locks.

Pseudo-anonymity of the blockchain (in practice - limited by KYC in VASP).

Synchronization with the fintech ecosystem (open finance, pay-initiation).

Limiters

Judicial blocking of domains and payment flows to unlicensed sites.

Potential advertising/sponsorship restrictions in the final version of the online gaming market law (to minimize harm and protect the consumer).

Unit economics (simplified)

Before licensing: high CAC due to blocking/cannibalization of traffic, higher risks of chargebacks during fiat transitions, legal risk.

After the launch of licenses: lower legal risk, stable access to VASP/acquiring, but compliance costs (registration, RNG audit, responsible play, data localization and reporting).

5) What a "white" cryptocasino model might look like after the law

1. Local iGaming license (or work through an aggregator licensee).

2. Payment stack: VASP registered with CMF, with strict KYC/AML, transaction logs, limits, sanctions monitoring.

3. Taxes and reporting: accounting Gewinne/Net Gaming Revenue; reflection of crypto payments in CLP equivalent; compliance with SII income and withholding requirements.

4. Player protection: age verification, self-exclusion, limits, RTP transparency; integration with responsible play systems that are being promoted as part of the bill.

6) Risks and compliance

Regulatory: the final version of the law may introduce strict requirements for advertising and payments - the scenario "crypt is allowed only through licensed VASPs."

Operational: the need to track sources of funds, sanctions lists, transaction chains; without this, the risk of blocking/penalties (CMF/UAF).

Tax: the exchange rate volatility of assets in crypto settlements affects the tax base and accounting of the operator/partners.

7) Practical steps for operators (roadmap for October 12, 2025)

Pilots with VASP registered with CMF: USDT/USDC/BTC reception with automatic conversion to CLP and full logging for SII.

Compliance design: source policy, rule-based and risk-based monitoring, trigger thresholds for enhanced due diligence (EDD), storage of logs for ≥5 years (guideline for UAF/CMF practice).

Marketing "in white": personalization of offers without aggressive advertising, integration with responsible game programs, rejection of "shadow" traffic channels vulnerable to blocking.

8) What it means for players

Crypt ≠ "outlawed." The purchase/sale and storage of crypto assets in Chile is regulated through Fintech Law and tax regulations; but playing on unlicensed sites is subject to blocks and sanctions.

After the launch of licensing, legal providers with crypto payments through KYC-VASP will appear - this is safer (verification, consumer protection, understandable disputes/payments).

The "growth of cryptocasino" in Chile is a transitional phenomenon at the intersection of mature crypto infrastructure and online market reform. In 2025, the state actually closes the "gray" door (judicial locks) and opens the "white" one - through licensing and the Fintech framework for payment providers. Real growth in 2026 + will happen where crypto is integrated through licenses, VASP and strict AML/KYC, and not bypassing the rules.

• Chilean Senate: General approval of the bill regulating online gaming (August 2025).
• Chile's Supreme Court: Blocking illegal betting/gaming sites (30. 09. 2025).
• CMF: Ley 21 coming into effect. 521 and the beginning of its implementation; regulations for the provider registry.
• SII: profits from crypto operations are taxable; FAQ and topic pages 2024-2025.
• Buda. com and industry summaries: local infrastructure and tax guides for users.