To curb excessive spending and protect its citizens, the Australian government has introduced a ban on using cryptocurrencies and credit cards for online gambling.
On June 11, The Canberra Times reported that Australia has officially prohibited the use of digital currencies and credit cards on online gambling platforms. Companies that fail to comply with these new regulations could face fines of up to 234,750 Australian dollars ($155,000).
The ban covers credit cards linked to digital wallets and cryptocurrencies like Bitcoin, as well as other emerging forms of credit.
Australia’s Stricter Gambling Regulations
These new online betting rules bring digital gambling in line with Australia’s existing regulations for land-based gambling. However, some exceptions remain, such as allowing credit card use for online lottery payments.
Kai Cantwell, CEO of Responsible Wagering Australia, an independent body for Australian-licensed gambling service providers, supports the ban. He stated:
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior.”
Cantwell also urged the government to apply the ban consistently across all forms of gambling. He warned that without uniform protection measures, people might turn to less-regulated gambling options, increasing their risk of harm.
Transition Period and Enforcement
The gambling industry was given a six-month transition period to adapt to the new rules, which came into full effect on June 11. The Australian Communications and Media Authority (ACMA) has been empowered to enforce these new restrictions.
In conclusion, Australia’s move to ban crypto and credit card use for online gambling reflects a growing trend to regulate digital financial activities more strictly. By implementing these measures, the government aims to foster responsible gambling practices and reduce the financial risks associated with betting.
Summary Review: Australia’s ban on using cryptocurrencies and credit cards for online gambling aims to protect citizens from financial harm and encourage responsible betting practices. The new regulations, effective June 11, align online gambling with existing land-based rules and impose significant fines for non-compliance, marking a significant step towards stricter digital financial regulation.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
