## The Road to ICE 2024: Crypto’s Wild Ride – iGB

Preparing for ICE 2024? iGB is here to guide you through the biggest gathering of the year with this new series, covering all the latest developments since 2023.

**The Road to ICE 2024: Crypto’s Ups and Downs**

In 2023, digital currencies continued to gain traction, with the industry becoming more aware of both its benefits and drawbacks.

Early this year, Fabio Panetta, a member of the European Central Bank’s executive board, proposed that regulators should treat risky digital currency trading like wagering. Panetta pointed out that several digital currency schemes failed in 2022. He believes this is due to the poorly designed and dysfunctional nature of the digital currency market.

While some existing rules, like the EU’s Markets in Crypto-Assets Regulation, focus on regulating digital currencies, Panetta said more needs to be done to effectively control the industry.

In 2023, Stake.com, a company backed by Drake, faced issues with digital currencies. In September, they experienced several unauthorized transfers of digital currencies. This affected Ethereum, Polygon, and Binance Smart Chain wallets on Stake.com.

While Stake.com didn’t confirm the amount taken, reports in the digital currency community said the amount was $41.3 million.

**The Rise of Crypto Wagering**

While there’s been much debate about digital currencies, some industry leaders have voiced their backing in the current year.

Yolo Group, a firm that oversees Sportsbet.io and Bitcasino (both digital currency wagering platforms), has expressed a positive outlook on cryptocurrencies in 2023. Joe McCallum, the company’s previous Managing Director, stated in a discussion with iGB that Yolo Group intends to promote cryptocurrency betting to a broader audience, particularly those between the ages of 25 and 35, who constitute a significant portion of the social media generation.

In the fifth month of the year, the European Council enacted a regulation requiring cryptocurrency businesses to secure approval. The law’s enactment initiated a time limit for European national authorities, who were given a three-month period to establish the appropriate authorization structure.

As the proprietor of cryptocurrency wagering services, Yolo Group is strategically situated to leverage cryptocurrency opportunities in the upcoming year.

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