The SEC’s Crypto Task Force, led by Commissioner Hester Peirce, held its inaugural roundtable titled “How We Got Here and How We Get Out – Defining Security Status” at the SEC headquarters in Washington, D.C. During this event, Peirce expressed support for allowing non-fungible tokens (NFTs) to be used as a means of raising capital. This stance marks a significant shift in the SEC’s approach to NFTs, suggesting they could be exempted from traditional securities regulations under certain conditions. Peirce’s comments align with her broader goal of fostering a regulatory framework that provides clarity and encourages innovation in the crypto space, contrasting with the more enforcement-heavy approach of the previous administration.

The roundtable, part of a series aimed at engaging with the public and industry experts, reflects the Task Force’s efforts to redefine the regulatory treatment of digital assets, including exploring how NFTs could serve as a legitimate fundraising tool for crypto startups without being classified as securities. NFT (non-fungible token) regulations are a complex and evolving area, primarily because NFTs sit at the intersection of digital assets, intellectual property, and financial law. There’s no unified global framework for NFT regulation, so the rules depend heavily on jurisdiction, the nature of the NFT, and how it’s used.

In the U.S., the Securities and Exchange Commission (SEC) plays a key role in determining whether NFTs fall under securities laws. Historically, the SEC has applied the Howey Test to assess if an asset is a security: if it involves (1) an investment of money, (2) in a common enterprise, (3) with an expectation of profits, (4) derived from the efforts of others, it’s likely a security requiring registration or an exemption. Many NFTs—especially those tied to art, collectibles, or gaming—don’t meet this definition because they’re unique and not inherently investment vehicles. However, fractionalized NFTs (where ownership is split into tradable shares) or NFTs marketed with promises of future value increases have faced scrutiny as potential securities.

Commissioner Hester Peirce’s statement, during the SEC Crypto Task Force roundtable, signals a shift. She advocated for NFTs to be used to raise capital, suggesting they could be structured in ways that avoid securities classification—perhaps as utility tokens or crowdfunding tools—while still offering regulatory clarity. This isn’t law yet, but it hints at a future where NFTs might get a safe harbor, similar to what Peirce has proposed for other crypto assets. The SEC’s focus seems to be moving toward distinguishing between speculative investment NFTs and those with practical utility, like representing ownership of real-world assets or access to services.

The IRS treats NFTs as property, meaning sales trigger capital gains taxes. Creators may also owe income tax on initial sales or royalties. Platforms trading NFTs may need to comply with the Bank Secrecy Act if they’re deemed money transmitters, especially with high-value transactions. The U.S. Copyright Office has flagged that owning an NFT doesn’t automatically grant copyright to the underlying asset unless explicitly stated, leading to legal disputes over usage rights. The EU’s Markets in Crypto-Assets (MiCA) regulation, fully in effect by late 2024, covers some NFTs but excludes those deemed “unique and not fungible” from its scope.

This means one-off art NFTs are largely unregulated but fractionalized or mass-issued NFTs (like a series with financial perks) might be classified as crypto-assets, requiring issuers to publish whitepapers and comply with AML rules. The EU focuses on consumer protection and market integrity, so NFT platforms must also adhere to GDPR for user data and ensure transparency in transactions. The UK considers NFTs on a case-by-case basis. If they resemble investment products, they fall under the Financial Conduct Authority’s purview. Otherwise, they’re treated as digital collectibles with minimal regulation.

Countries like Japan view NFTs as virtual assets under the Payment Services Act, requiring exchanges to register, while China has banned crypto trading but allows NFTs on state-approved blockchains for cultural purposes, sans financial speculation. Are NFTs securities, commodities, or something else? This determines which agency (SEC, CFTC, etc.) has jurisdiction. Wash trading, rug pulls, and fake NFT projects have prompted calls for stricter oversight globally. NFTs are borderless, but regulations aren’t, creating enforcement gaps.

Looking Ahead

Peirce’s push to let NFTs raise capital could inspire a U.S. framework where NFTs are treated as tools for creators and startups, not just speculative assets. This might involve a tailored exemption from securities laws, coupled with AML and consumer protection requirements. Globally, expect more clarity as regulators catch up to NFT use cases—think real estate tokenization, music royalties, or gaming economies. For now, creators and buyers must navigate a patchwork of rules, often consulting legal experts to stay compliant.

The advance of technology in recent years has opened the door to casinos and iGaming sites. The Internet is more widely available, with mobile Internet speeds that rival those of fixed landline connections. Computers and laptops have become more affordable. So, too, have mobile devices, which have also become more capable.

This has led to a rise in iGaming websites with more advanced features which, in turn, has seen the popularity of online casinos and gambling websites increase, encouraging governments to have to consider their regulatory frameworks or be left behind. Similarly, casinos and gambling companies have had to transition their products online.

iGaming Sites

iGaming sites include online poker and bingo, as well as casino websites like tg casino, which are able to offer more games, improved bonuses, and better odds than retail casinos because of lower overheads. Many of these sites have also introduced new features, recently, that include live dealer games, VR gaming, and cryptocurrency payments. Mobile apps have made it easier for players to get online and have seen more people able to partake in online gambling which means government bodies have had to address existing regulatory frameworks.

Big Data

Big data isn’t a new innovation, but it plays a critical part in iGaming and other forms of betting. It can also be used by regulators to determine betting patterns and help identify areas where players might need support and protection.

It can also be used to forecast betting market size. One reason why a lot of countries are considering the introduction of iGaming legislation is to capture tax revenue from bets. Although not impossible, it is more difficult to capture tax levies from offshore casinos offering their services to players.

Michigan, in the US, is one of only 7 states that has regulated iGaming and it generated tax revenue of more than $350 million in 2023. Michigan is the 10^th most populous state, suggesting there is an opportunity for other states to raise similar funds.

AI

Big data combines especially well with the use of AI and machine learning. Using these technological tools, online casinos can use algorithms to set more accurate odds. They also use these tools to help create customized offers and bonuses for clients.

Improved Internet

Around two-thirds of the world has regular access to the Internet, with more than half of the global population having mobile Internet access. With the advent of 5G, mobile Internet connections have gotten better, and this has not only led to more people being able to access mobile casinos but it has seen the casinos themselves being able to offer more advanced games and developed features. Live dealer games have become increasingly commonplace. VR casinos have also started to hit the market. Standard games have become more advanced with crash games, which feature live betting, proving popular.

5G’s rollout continues to pick up pace, too, which means these features are only going to continue to increase in the coming years.

For regulators, the further reach of high-speed Internet means more and more people will use online casinos, rather than retail casinos and government bodies will need to react to this by introducing or updating iGaming legislation.

Mobile Convenience

Mobile casinos are incredibly convenient. Players can access games from home or anywhere else they have an Internet connection on their mobile device. This makes it possible to play while commuting, while on vacation, or even while on a break from work.

Responsible gambling regulations are required, and many governments have already introduced these. Some, like the UK government, have taken steps to further finetune their regulations.

Blockchain

Another area where we are seeing advances and development is in the integration of blockchain technology. A blockchain network is a digital ledger that stores transactions and can be used to initiate and complete smart contracts, which are automated agreements between two or more parties. Its best-known use is in cryptocurrency.

Cryptocurrency facilitates faster and less costly transactions, benefiting the player and the casino. It is also pseudonymous, making it more difficult for governments and agencies to track. Asset and financial regulators have been relatively slow out of the blocks, often relying on existing regulations that are closely tied to fiat currencies, rather than modern, digital currencies.

Further crypto regulations are incoming, and we can also expect to see crypto considerations in upcoming iGaming regulations.

Regulatory Changes

Some countries, like the UK, have embraced iGaming and introduced extensive regulatory frameworks. Other countries, like the US and Canada, are slowly catching up. Only seven states in the US and one territory in Canada currently has fully regulated online casinos, but this is expected to grow in the coming months and years.

Conclusion

iGaming has seen a lot of growth in recent years, but it still has huge potential for further expansion. The emergence of blockchain and cryptocurrency, the continued spread of 5G mobile Internet, and the continued improvement of online and digital technology means more and more casinos and casino apps will come online and regulators will need to introduce new legislation to counter this.

Games about mafia, gangs, and crime syndicates let players experience the thrill of heists, intrigues, and showdowns. Whether it’s the Italian mafia, street gangs, yakuza, or corrupt cops, these games offer a variety of criminal worlds to explore. And while playing them, you feel as immersed as in the most profound best bitcoin casinos australia or bestselling thriller novels. Here’s a list of the best games dedicated to the criminal underworld, ranging from realistic dramas to over-the-top action.

Mafia: The City of Lost Heaven

A classic in the crime action genre. Players take on the role of Tommy Angelo, a taxi driver drawn into the mafia life, as he rises from a rookie to a key figure in the Salieri family.

The game combines an open city, shootouts, car chases, and a detailed story reminiscent of The Godfather. It also stands out for its realistic car physics and the dark atmosphere of 1930s America.

In 2020, Hangar 13 released a remake titled Mafia: Definitive Edition, featuring updated graphics, refined gameplay, and a slightly reworked story.

Grand Theft Auto 5

Three main characters, each with their own criminal background: Michael (a former bank robber), Franklin (a street gangster), and Trevor (a psychopath). Their paths cross in a vast open world where players can commit heists, work for the mafia, and engage in large-scale shootouts.

GTA 5 became one of the most profitable games in history and remains popular thanks to its online mode. Analysts predict that GTA 6, set to release in 2025, will be an even bigger event in the gaming industry.

The Godfather

A game adaptation of the iconic film. Players take on the role of a soldier in the Corleone family, climbing the criminal hierarchy. The story runs parallel to the film’s events, and players can encounter familiar characters like Vito Corleone and Michael.

Players can extort businesses, participate in gang wars, and build their own mafia empire.

L.A. Noire

Not strictly a mafia game, but deeply tied to the criminal underworld. Players step into the shoes of detective Cole Phelps in 1940s Los Angeles, solving murders and uncovering mafia schemes.

Developed by Team Bondi, the game impressed the industry with its MotionScan technology, which created realistic facial animations, making interrogations particularly engaging and intense.

Sleeping Dogs

A Hong Kong-inspired take on GTA by Square Enix, with a focus on martial arts. The protagonist, Wei Shen, is an undercover cop infiltrating the triads. Players must balance loyalty to the law and their criminal family while completing dangerous missions.

The game’s unique combat system, exotic setting, and gripping story made it a cult classic. A film adaptation starring Marvel’s Simu Liu is currently in the works.

In 2014, a remastered Definitive Edition was released for PC, PlayStation 4, and Xbox One, featuring all previously released DLC and improved graphics.

Yakuza 0

Set in Japan during the economic boom of 1988, Yakuza 0 follows two protagonists: Kazuma Kiryu, who gets caught in a family conspiracy, and Goro Majima, seeking redemption after being exiled from the yakuza.

The game blends deep crime drama with absurd humor, offering a mix of brutal showdowns, side quests, and mini-games. Combat is in the beat ’em up style, allowing players to use environmental objects, switch fighting styles, and perform flashy finishers.

The entire Yakuza series is worth playing, but Yakuza 0 serves as the perfect starting point for the franchise.

Payday 2

A heist simulator where a team of four criminals executes meticulously planned (or chaotic) robberies targeting banks, jewelry stores, casinos, and even secret labs. Unlike most crime games, Payday 2 emphasizes cooperative gameplay, requiring players to coordinate, use gadgets, and assign roles.

Players can choose stealthy approaches, silently neutralizing guards and cracking vaults, or go in guns blazing, engaging in epic shootouts with police forces.

Notably, Payday 2 remains more popular than its sequel, Payday 3, which was criticized for its lack of content and technical issues.

Scarface: The World is Yours

Unlike most movie-based games, Scarface: The World is Yours offers an alternate scenario where Tony Montana survives the shootout at the end of the film and begins rebuilding his empire.

Set in 1980s Miami, the game gives players full freedom to create their own drug empire. Instead of a linear story, the game focuses on expansion mechanics: Tony starts by reclaiming street dealers from rivals, then takes over warehouses and gradually rebuilds supply routes.

Saints Row: The Third

A parody-driven, outrageously stylish crime sandbox where realism is thrown out the window. Unlike earlier entries in the series, which were influenced by GTA, the third game fully embraces absurdity.

Set in the city of Steelport, the game follows the Third Street Saints, a gang turned global brand with its own energy drinks, sneakers, and fans worldwide. After a clash with an international crime syndicate, the Saints must reclaim their power in the city.

Empire of Sin

A strategy game by John Romero (DOOM), where players take on the role of a crime boss during Prohibition-era Chicago in the 1920s. There’s no single protagonist—players can choose from 14 bosses, including real-life figures like Al Capone and Stephanie St. Clair. Each leader has unique abilities that influence how they manage their criminal empire.

The gameplay combines economic management (running illegal bars, casinos, brothels, and workshops), diplomatic negotiations with rival gangs, and tactical turn-based combat reminiscent of XCOM.

Interactions with competitors can lead to alliances, betrayals, or all-out wars. Loyalty plays a key role, as underlings may b