The Rise of Crypto Ownership in Australia and the Country's Regulatory Measures

Recent measures taken by the Australian Government to restrict the usage of cryptocurrency and credit cards in online gambling highlight the nation's commitment to combating gambling-related concerns in various gambling environments. The ban, implemented by Responsible Wagering Australia (RWA) following extensive Federal deliberations starting in 2021, encompasses credit card transactions linked to digital wallets, potential credit advancements, and cryptocurrencies like Bitcoin. While online lotteries are currently exempt from the credit card restrictions, there are discussions to potentially include them in the ban updates. Additionally, both physical gambling establishments and online platforms are impacted by the prohibition of credit card use, indicating a collective effort to regulate gambling practices effectively and protect vulnerable individuals. The enforcement of strict penalties for non-compliance and a transitional period for companies to adjust signifies the government's seriousness in addressing the issue.