The second day of SiGMA East Europe 2024 kicked off with a panel titled “Mobile and Crypto Platforms Drive Innovation,” featuring Katerina Shepetenko from Legal Pilot, Elena Sabelnikova from APSmoney, and Forbes contributor Alexander Belov. The discussion was moderated by Alexey Rozhkov, CEO of MoneyGate. The panelists discussed key aspects of securing mobile and crypto payments and explored current trends in the payments industry.

Legal Measures for Player Protection

The discussion began with an exploration of the legal measures in place to protect player payments. Katerina Shepetenko highlighted that many countries still lack clear regulations for both gambling and cryptocurrencies, leaving the gambling market in a “grey” area. As both cryptocurrencies and gambling are social phenomena, governments are often slow to catch up with the necessary legislation. Legal Pilot, the company she represents, specialises in navigating these regulatory challenges.

“We operate within the bounds of what’s not explicitly prohibited by law. This allows us to function in various regions.”
– Katerina Shepetenko, Legal Pilot. 

Speaking about crypto casinos, Shepetenko noted that using anonymous accounts for fraudulent activities is becoming a thing of the past. She stressed the importance of implementing KYC solutions before entering any market, as governments are starting to control this sector. 

Payment Systems in Developing Countries

As Elena Sabelnikova noted, cryptocurrencies can accept players in regions where traditional banking systems are ineffective.

“iGaming has the advantage of being able to operate in countries without access to conventional banking systems. In Africa and South Asia, QR codes and mobile payments are more effective.”
– Elena Sabelnikova, APSmoney.

Alexey Rozhkov added that his company offers P2P payment solutions, which allow users to interact directly, bypassing banks as intermediaries. This reduces fraud risk and ultimately boosts financial performance for operators. 

“With the help of P2P payments, we technologically bring users together.”
– Alexey Rozhkov, MoneyGate. 

Security of Crypto Payments

When it comes to the security of crypto payments, outdated concepts of anonymity come to the forefront, according to Alexander Belov. 

“In cases of crypto scams, it’s actually much easier to identify the person responsible, prove the crime, and recover funds than it is with traditional banking.  To trace a USDT transaction, you just need to file a police report, while banks tend to conceal their data. The notion of cryptocurrencies being illegal is long gone.”
– Alexander Belov, Forbes. 

Currently, the global volume of USDT is enormous, with a single issuance of Tether valued at $100 billion. Given its backing by U.S. bonds, Alexey believes cryptocurrencies will soon become a crucial element of all financial systems. 

Booth Awards at SiGMA East Europe 2024 – September 4

Later today, at Hungexpo, an awards ceremony will be held to recognise the best booths at the summit based on delegate votes. To vote for the best design and interactive experience, scan the and access the SiGMA App.