YEREVAN (CoinChapter.com) — On June 11, Australia enforced a ban on utilizing cryptocurrencies and bank cards for on-line playing. The Canberra Instances reported that corporations failing to conform may face fines of up to 234,750 Australian {dollars} ($155,000).
This regulation impacts bank cards linked to digital wallets and cryptocurrencies like Bitcoin. Regardless of the great scope, there are exceptions. On-line lottery funds can nonetheless be made with bank cards.
The ban aligns on-line playing with Australia’s land-based playing legal guidelines, making certain constant regulatory measures throughout totally different playing platforms.
Trade Leaders Reply to Ban
Kai Cantwell, CEO of Accountable Wagering Australia, supported the brand new rules. He acknowledged,
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior.”
Cantwell additionally urged the federal government to use these restrictions to all playing varieties, warning that inconsistent rules may drive gamblers in direction of less-regulated, riskier platforms.
The playing business acquired a six-month transition interval to regulate to those new guidelines. The Australian Communications and Media Authority (ACMA) has been empowered to implement the ban, making certain that each one on-line playing platforms adjust to the brand new restrictions.
Crypto and Playing: A Dangerous Intersection
Cryptocurrency customers are recognized for his or her involvement in varied types of playing. From betting on the most recent memecoins to wagering on regulatory choices like Bitcoin ETF approvals, the crypto group usually engages in high-stakes bets. As an illustration, on January 11, customers of the Polymarket platform gambled $12 million on the result of spot Bitcoin ETF approvals.
Equally, bets on the approval of spot Ether ETFs reached $2.4 million in March. These bets concluded when the ETF acquired official approval on Could 23. Such actions spotlight the numerous function of crypto in fashionable playing practices.
Whereas crypto customers usually make important choices, additionally they interact in lighthearted bets, like predicting the variety of instances billionaire Elon Musk will tweet or guessing the temperature improve in Could.
