Australia has taken a bold step to protect its citizens from financial harm by enforcing a ban on the use of crypto and credit cards for online gambling. The Canberra Times recently reported this development, stating that the Australian government has initiated measures to prohibit the use of digital currency and credit cards on online gambling platforms.
Companies that fail to comply with these new regulations could face fines of up to approximately 234,750 Australian dollars ($155,000). The ban encompasses credit cards connected to digital wallets, as well as various cryptocurrencies such as Bitcoin (BTC).
This move by Australia aligns with existing laws governing traditional gambling activities in the country. While there are some exceptions, such as online lottery payments that still permit credit card transactions, the overall aim is to promote responsible gambling practices.
Kai Cantwell, the CEO of Responsible Wagering Australia, an organization representing Australian-licensed gambling service providers, expressed support for the ban. Cantwell believes that consistent protection measures across all forms of gambling are essential to prevent individuals from engaging in riskier, less regulated gambling activities.
The gambling industry has been given a six-month transition period to adjust to the new regulations, which officially came into effect on June 11. The country’s communications watchdog has been tasked with enforcing these restrictions to ensure compliance.
In the realm of crypto and gambling, users have been known to wager on a wide array of events, ranging from the approval of spot Bitcoin exchange-traded funds (ETFs) to the whims of billionaire Elon Musk. For instance, bets were placed on the outcome of the recent spot Ether ETF decision, with millions of dollars at stake.
As the world of cryptocurrency continues to evolve, it is essential for governments to stay vigilant and implement measures to safeguard their citizens from potential financial risks. The ban on crypto and credit card use for online gambling is just one of many steps being taken to protect individuals in this rapidly changing landscape.