Key Takeaways:
- Australia has banned cryptocurrencies and credit cards for online gambling to protect citizens from financial harm, with fines up to 234,750 AUD ($155,000) for non-compliance.
- The ban, effective from June 11 after a six-month transition, aligns online gambling regulations with those of land-based gambling and excludes online lottery payments.
- Kai Cantwell, CEO of Responsible Wagering Australia, supports the ban and urges its extension to other gambling forms to prevent less-regulated gambling.
Australia has enforced a ban on using cryptocurrencies and credit cards for online gambling to protect citizens from financial harm.
Non-compliance with the new rules can lead to fines up to 234,750 Australian dollars ($155,000).
Australia has implemented a ban on using credit cards and crypto for online betting, in an effort to curb gambling problems. This means Australians will no longer be able to wager using borrowed money or anonymous digital funds. ##CreditCards #AUSTRALIhttps://t.co/b5szNKiFS2 pic.twitter.com/hoEp6BoMTL
— BitcoinWorld Media (@ItsBitcoinWorld) June 11, 2024
The prohibition covers digital wallets and other new forms of credit but excludes online lottery payments.
This measure aligns online gambling regulations with those of land-based gambling.
Australia has implemented a ban on using credit cards and crypto for online betting, in an effort to curb gambling problems.#australia #onlinegambling #cryptohttps://t.co/C4PMuCE2bi
— Cryptonews.com (@cryptonews) June 11, 2024
Kai Cantwell, CEO of Responsible Wagering Australia, supports the ban and urges its extension to other gambling forms to prevent people from turning to less-regulated options.
The gambling industry has a six-month transition period, with the full ban effective from June 11.
The Australian government is banning the use of credit cards and cryptocurrencies for online betting in its latest bid to mitigate gambling problems troubling the nationhttps://t.co/A7tL53g4l7
— crypto.news (@itscrypto_news) June 11, 2024
The Australian communications watchdog will enforce the restrictions.
This regulatory move reflects broader concerns about the risks associated with crypto betting, highlighted by significant wagers on events like Bitcoin ETF approvals and various frivolous bets by crypto users.
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