Q1: Viktoria, you wrote a book about payment and banking called ‘Moving Money’ can you please briefly summarize your book?
Certainly. Moving Money – How Banks Think provides a clear and professional look into banking and payments, covering everything from the inner mechanics of banks and compliance requirements to the latest developments in payment technologies like blockchain and cryptocurrency. Payment and banking today impact customer experience, risk management, technology, product development, data security, compliance, finance, and more. The book argues that it should be considered a standalone function—an essential element of the business strategy, not just a part of finance.
The book explains how businesses can create effective payment and banking strategies by understanding how it affects the operations, managing risks, and optimizing their choice of providers. My goal with the book is to equip readers with practical insights into making smarter decisions in global transactions and payment management, whether for personal understanding or business application.
Q2: Can you please shortly explain how crypto payments work and why are they so popular?
Crypto payments work by using blockchain technology, which is a decentralized network of computers (nodes) that verifies and records transactions. When a payment is made in cryptocurrency, it is sent directly from the payer’s digital wallet to the recipient’s wallet. This transaction is added to a “block” of data and, once verified, becomes part of the blockchain—a secure, transparent, and immutable ledger.
Their popularity stems from a few key factors. First, they offer fast and borderless transactions, bypassing the traditional banking system, which can be slower and often has higher fees, especially for cross-border payments. Second, crypto payments are attractive for their potential privacy benefits, as transactions don’t necessarily require personal information. Lastly, they’ve become popular due to the rise of decentralized finance (DeFi) and the growing acceptance of digital assets as both an investment and a payment method in various sectors.
Crypto payments have surged in popularity, primarily because they provide a workaround for industries that traditionally face strict banking regulations, such as iGaming, betting and offshore or non-licensed operators. Initially, these operators relied on methods like top-up cards and vouchers to skirt these regulatory constraints. However, cryptocurrency has now become an even more effective way to facilitate transactions outside the traditional banking system, providing an appealing level of freedom and tax avoidance for both operators and players, which is obviously a serious issue.
Q3: Why are crypto casinos growing in popularity?
Crypto casinos are growing rapidly, mainly because they operate without strict regulatory oversight, attracting users who value anonymity and speed in transactions. This lack of regulation enables these platforms to welcome players from regions where convectional online casinos face restrictions or close monitoring, making crypto casinos an attractive alternative. But without established safeguards, players and operators face significant risks.
The absence of regulatory bodies means there’s little assurance of fairness, security, or accountability in these casinos, leaving users exposed to potential fraud and unreliable platforms. Moreover, crypto casinos often operate outside anti-money laundering (AML) frameworks, creating openings for illegal activities like transaction laundering. This unregulated environment not only jeopardizes players’ funds and data but also casts a shadow over the gaming industry as a whole.
Although the draw of instant, private transactions is strong, this approach carries risks that could ultimately result in greater scrutiny and enforcement actions, possibly leading to blacklisting by banks and payment processors. As these challenges gain regulatory attention, the industry faces a crossroads: without a move toward compliance and transparency, crypto casinos could see tighter controls and lose their access to essential financial partnerships.
Q4: What are the most popular crypto payments in online casinos and what are their advantages over other payments?
Crypto payments are growing in popularity among online casinos, but they come with considerable risks that make them a serious gamble if not handled properly. While they offer speed and a degree of anonymity, crypto payments can easily bypass traditional banking checks, which has far-reaching implications. Untracked crypto transactions can easily lead to tax evasion, missed compliance requirements, and unreported cross-border transactions. This lack of oversight creates a favorable environment for illegal activities like money laundering and hidden revenue, exposing casinos to severe regulatory risks.
The risks grow even higher when casinos use third-party payment gateways that allow direct crypto integration. Some gateways enable players to make deposits in crypto, with the casino receiving the payment in fiat. While this setup might seem convenient, it poses significant compliance risks. Banks and payment providers need visibility into the transaction’s purpose, and if the provider masks gaming deposits as generic crypto deposits, this creates a critical compliance issue. Mislabeling transactions in this way can lead to account closures, frozen funds, and steep penalties for the casino and payment provider alike.
Anyone thinking about adding crypto to their payment options needs to be really careful. Banks already view the iGaming and casino sectors as high-risk, and adding crypto to the mix only amplifies these concerns. For any gaming business, crypto payments can easily do more harm than good without careful management. Consulting a payment expert who understands these regulatory challenges is essential. Without this guidance, crypto payments could disrupt operations, strain banking relationships, and create unforeseen costs that outweigh any perceived advantages.
Q5: Are crypto payments safe?
That really depends. Blockchain itself is designed to be transparent, which is a strong point in theory. But in practice, we’ve seen far more scams than legitimate projects in this space. The big issue is the lack of regulation—if something goes wrong, there’s no real remedy. Without that regulatory safety net, you’re on your own, and lost funds are usually just that: lost. So, while the technology has potential, anyone using crypto needs to be very cautious.
On top of this, as regulatory bodies worldwide work to establish stricter rules around crypto, everyone in the space now faces a new layer of challenges. Keeping up with these shifting regulations is risky, costly, and requires dedicated expertise, as failing to comply can lead to severe penalties. So, while the technology has potential, the regulatory landscape makes it essential for anyone using crypto to understand the issues and risks and ask for expert advice.
Q6: A myth busting question now, is it true that on crypto, there is no tax?
Also depends. While it’s still possible to slip under the radar with crypto, it’s getting harder—and just because something can be done doesn’t make it legal or ethical. If crypto is acting like money, it needs to be taxed like money. Paying taxes is a social responsibility, and when someone skips out, it unfairly shifts the burden onto others. Eventually, tax authorities will have the tools to track down those trying to dodge the rules, and there’ll be penalties for anyone banking on staying invisible. And while some loopholes still exist, they’re no excuse for companies to act unethically—it’s not something to advertise nor exercise.
Q7: In 2025, do you expect even higher popularity for Cypro payments in online businesses?
By 2025, crypto payments in online businesses will likely be even more popular, but thankfully, regulation is catching up. Eventually, crypto will be held to the same standards as fiat money—and that’s a good thing. If it’s used as money, it should be regulated, taxed, and controlled like money to filter out the “creative” companies and individuals trying to game the system. This approach helps keep the financial system stable and secure.
We’ve seen it time and again: when there’s any chance to bypass taxes or compliance, people will take it, which ends up hurting the entire economy. Loopholes around certain payment methods shouldn’t provide an easy route for unregulated operators, yet unfortunately, payment providers and banks are currently the only institutions filtering out much of this illegal and unethical behavior. Banks today are fully responsible for policing taxes and legal compliance, but we have to understand that they are still private institutions with shareholders who expect profits. This places banks in a tougher position than ever. The least we can do is support their efforts to protect and maintain the financial system.
We believe the main issue is that accountants are not adequately trained to manage payment and banking tasks. Key areas, such as how payments and banking affect technology, UX, compliance, and other essential aspects in a business, are absent from accounting, economics courses, and MBAs. Accountants or treasurers often struggle to make informed decisions about international money transfers, banking compliance, and due diligence on various financial providers as they lack the necessary training and knowledge.
My mission is to set the industry standard. We are offering the only globally recognized Payment and Banking Certification on the market today.
For anyone looking to strengthen their payment approach or better manage banking relationships in these challenging industries, you can connect with me on LinkedIn https://www.linkedin.com/in/viktoria-soltesz or follow my updates on Instagram at @paymentangel and X at @paymentangels. You can also visit our Institute https://solteszinstitute.com/ and our consultancy website as well https://pspangels.com/