Australia Is a Step Closer to Banning Cryptocurrencies for Online Gambling

Members of Australia’s House of Representatives voiced their support for the Interactive Gambling Amendment Bill 2023, which effectively bans using cryptocurrency and credit cards for online gambling. The bill was submitted in September and passed the House of Representatives on Tuesday, November 14th.

The legislation now moves into the Senate, where additional amendments may be added. If the bill passes in the upper chamber, operators and financial institutions must abide by the new regulations. The bill allows for a six-month grace period, enabling online casinos to make the necessary changes and be fully compliant.

The new proposed law builds upon the existing prohibition for land-based venues. Companies not enforcing the ban on digital currency and credit cards will be subjected to penalties over US$149,058. The legislation faced severe opposition from lobbyists, but representatives did not yield to pressures to thwart the ban, especially since all major political parties supported the measure.

This legislation is part of the broader reform of the country’s gambling industry in an attempt to prevent the negative effects of online betting and gambling and curb gambling addiction among the population.