⚡ Australia Prohibits Crypto Use in Online Casinos
posted 11 Jun 2024
Australia has enforced new online gambling regulations that ban the use of cryptocurrencies for betting. This restriction also applies to credit cards connected to crypto wallets.
Regulatory authorities argue that these measures will safeguard online casino users and encourage more responsible gambling expenditures. Additionally, the regulations for online gambling have been adjusted to mirror those of brick-and-mortar casinos, where credit card use is already forbidden.
Australians should not be gambling with money they do not have,stated Michelle Rowland, Minister for Communications.
The relevant amendments to the Interactive Gambling Act 2001 were passed at the end of last year and took effect on June 11 following a six-month transitional period. Companies failing to adhere to these regulations will face penalties of up to $234,750.
Moreover, Australian regulators are contemplating a complete elimination of advertising for gambling platforms over the next three years.
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