Australia bans cryptocurrency and credit cards for online gambling
The Australian government The use of cryptocurrency and credit cards for online gambling has been banned.
As reported by The Canberra Times, the new regulations, which came into effect on June 11, Digital currencies like Bitcoin, credit cards linked to digital wallets, and other new forms of credit. For online betting activities.
The gambling industry is a given. It will take six months to adapt to the new regulations. With the ban now in place, Australia’s communications watchdog has been tasked with overseeing compliance and enforcing the new rules.
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prohibition Consistent with Australia’s existing laws on land-based gambling. However, the following exceptions remain: Credit card payments accepted for online lotteries.
Businesses that do not comply with these new regulations may face: You can be fined up to 234,750 Australian dollars (about $155,000).
Kai Cantwell, CEO of Responsible Wagering Australia, the organization representing licensed betting service providers, supported the government’s decision.
This is an important measure to protect customers and makes it easier for people to control their gambling behavior.
He also asked the government to review it. Expanding the scope of the ban to include all forms of gamblingThey warn that inconsistent regulation could lead gamblers to choose less regulated and potentially more risky options.
Cryptocurrencies have become widely available. Used in various forms of gambling, From betting on the latest cryptocurrency trends to speculating on regulatory decisions such as approving spot Bitcoin or Ether exchange traded funds (ETFs). Cryptocurrency users also engage in more casual gambling activities, such as predicting monthly temperature changes.
These regulatory changes represent a step toward better control of online gambling and protecting consumers from potential financial risks.
In other news related to cryptocurrency regulation in Australia, the Australian Taxation Office has mandated cryptocurrency exchanges to submit personal information for over 1.2 million accounts to enhance tax compliance.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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