Using cryptocurrency to bet online in crypto casinos could soon be banned in Australia.
The authorities are targeting a ban on credit cards and cryptocurrency online with operators who ignore the rules facing a fine of up to $150,000.
Reports in local media suggested a bill has already been written up and raised to the nation’s parliament. Credit cards and digital currencies are already prohibited in land-based settings.
Minister of Communications Michelle Rowland said, “People should not be betting with money they do not have.”
However, there was no clarification on where digital currencies fit into the ban.
BTC, ETH, and USDT could all be banned under the new planned rulings, as could digital wallets with more powers to prohibit credit-linked products.
The news could put a dent in the plans of Stake.com who earlier this year had its eyes on further expansion having applied for a bookmaking license in Australia’s Northern Territory.
According to The Herald Sun, Stake.com – which runs both crypto casinos and crypto sportsbooks worldwide – is trying to gain access to the regulated Australian market.
Reports suggest founders Edward Craven – Australia’s youngest billionaire – and Bijan Tehrani are ‘two to three months’ into the process.
Competition is fierce in Australia with the likes of Sportsbet, Pointsbet, Tabcorp, and Ladbrokes all firmly developed in its regulated market.