Tue, July 02, 2024 at 14:14

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some significant news regarding Australia's recent ban on the use of cryptocurrencies in online gambling.

  • 
• Annie

  • Oh, really?

  • That's interesting!😊 What exactly does the ban entail?

  
• 

  Kang-hoon

  • The ban, which came into effect on June 11th, prohibits the use of cryptocurrencies and digital asset-linked credit cards for online gambling.

  • This is part of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023.

• Annie

  • Wow, that's a big move.

  • Why did Australia decide to implement this ban?

  
• ADward

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• 

  Kang-hoon

  • According to the authorities, the main reasons are to promote responsible gambling and to address financial risks associated with the use of cryptocurrencies in gambling.

• Annie

  • I see.

  • Are there any penalties for those who don't comply with this new law?

  
• 

  Kang-hoon

  • Yes, non-compliance can attract hefty fines of up to 234,750 Australian dollars.

  • 

  • This is to ensure strict adherence to the new regulations.

• Annie

  • That's quite a substantial fine!😲 Are there other countries that have similar bans in place?

  
• 

  Kang-hoon

  • Interestingly, while Australia has taken this stance, other countries like the US and the UK are seeing increased popularity for crypto casinos.

  • The regulatory landscape varies significantly across different jurisdictions.

• Annie

  • So, in which countries is crypto gambling still legal and popular?

  
• 

  Kang-hoon

  • Some of the top countries where crypto casinos are legal and popular include the United States, the United Kingdom, Canada, Norway, Sweden, New Zealand, the Netherlands, India, Switzerland, and Mexico.

• Annie

  • That's quite a list!

  • Does this mean that these countries have no restrictions on crypto gambling?

  
• 

  Kang-hoon

  • Not exactly.

  • While cryptocurrencies are legal in these countries, the regulatory oversight varies.

  • For instance, in the UK, only licensed casinos can operate, and they must adhere to strict anti-money laundering and KYC regulations.

• Annie

  • Got it.

  • How about the US?

  • I heard the regulations there are quite complex.

  
• 

  Kang-hoon

  • Yes, in the US, the use of cryptocurrencies in gambling varies from state to state.

  • Offshore casinos often operate in a gray area, with many sites having terms that prohibit US-based players.

• Annie

  • That sounds complicated.

  • What about countries like Norway and Sweden?

  
• 

  Kang-hoon

  • In Norway, there's a government monopoly on gambling, but many Norwegians turn to offshore crypto casinos.

  • Sweden also sees high demand for crypto casinos, despite strict regulations on foreign-based online casinos.

• Annie

  • Interesting.

  • How is the situation in New Zealand and the Netherlands?

  
• 

  Kang-hoon

  • New Zealand hasn't banned digital currencies, which benefits the gambling sector.

  • The Netherlands is very crypto-friendly, and online gambling is legal there.

• Annie

  • And what about countries like India and Switzerland?

  
• 

  Kang-hoon

  • India, despite regulatory challenges, is a top crypto market with growing crypto casino adoption.

  • Switzerland requires online gambling sites to be licensed and have a domestic presence, but crypto casinos are starting to thrive.

• Annie

  • That's quite a diverse landscape.

  • So, Kang-hoon, do you think this news is good or bad for the market?

  
• 

  Kang-hoon

  • In the short term, I would say this is bad news for the market.

  • The ban in Australia could set a precedent for other countries to follow, potentially stifling the growth of crypto adoption in the gambling sector.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.