Australia has banned the use of cryptocurrencies in online gambling
The ban came into effect on 11th June with the introduction of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023
Other countries are, however, seeing increased popularity for crypto casinos, including the US and UK.
Inevitably, crypto adoption is on the rise.
However, different countries and jurisdictions are taking varied approaches to regulating crypto, including its use as a payment option in online casinos.
For example, Australia, one of the countries seeing rapid adoption of cryptocurrencies, has prohibited using crypto and digital asset-linked credit cards on online gambling sites. The ban came into effect last week.
But are there other countries where the use of crypto in online casinos is legal or allowed within existing gambling laws?
Australia bans crypto for online gambling
The Australian gambling industry entered a new era last week with the implementation of a government ban on the use of cryptocurrencies in online betting.
Australia has also banned using crypto-linked credit cards, which means online casinos are prohibited from accepting deposits from credit cards linked to digital wallets.
The ban came into effect after a bill on the same passed in the House of Representatives and Senate in 2023, introducing an amendment to the country’s Interactive Gambling Act 2001. This aligned Australia’s traditional and online gambling sectors, with both now banned from accepting cryptocurrencies.
According to authorities, the restriction on crypto use in the gambling market aims at promoting responsible gambling as well as addressing financial risks. However, gambling remains legal, with all traditional payment methods allowed.
The law outlines hefty fines, with non-compliance attracting up to 234,750 Australian dollars.
Where are crypto casinos popular? Top 10 countries
While you can no longer gamble online with your cryptocurrency in Australia, there are several countries where crypto casinos are legal. Some countries also allow offshore casinos to accept Bitcoin and cryptocurrencies, which illustrates the evolving landscape of crypto regulation.
Here are the top 10 countries where Bitcoin and other cryptocurrencies are popular, legal, and increasingly accepted in crypto casinos.
United States
While the crypto regulatory landscape in the US continues to evolve, it’s notable that cryptocurrencies are legal. However, their use in gambling varies from state to state. As for offshore casinos, the landscape is predominantly “gray,” with many online crypto casino sites having terms and conditions that prohibit US-based players. No KYC does, however, mean anyone can access these mostly reliable, offshore-regulated online casinos.
United Kingdom
Crypto is legal in the United Kingdom, where the gambling market is one of the most popular in the world. Multiple providers offer online casinos and betting sites, but the Gambling Commission implements strict regulatory oversight.
Only licensed casinos can operate, and anti-money laundering and KYC regulations apply. One of the top sites is 10bet Online Crypto Casino, which accepts Bitcoin and other crypto assets.
Canada
Cryptocurrencies are legal in Canada, but regulators implement strict oversight, and online casinos must register. Canada also does not have specific laws against crypto use on offshore casino sites.
Norway
Norwegians have increasingly turned to crypto casinos amid monopoly by the government-controlled Norsk Tipping and Norsk Rikstoto sites. As such, the country is seeing rapid growth in crypto gambling, mostly on offshore platforms that accept Bitcoin and other digital assets.
According to a recent report, Norway is one of the countries with the highest Google searches for crypto casinos.
Sweden
Online gambling is legal in Sweden. However, regulatory oversight of foreign-based online casinos has seen players turn to cryptocurrency. Demand for crypto casinos in Sweden is also high, as with its Scandinavian neighbor.
New Zealand
New Zealand has not banned digital currencies, which is helping the gambling sector explore the benefits of crypto in online casinos.
Other countries with growing crypto casino market:
Netherlands
Online gambling is legal in the Netherlands, and the country is one of the most crypto-friendly in the EU.
India
Despite regulatory woes, India is a top crypto market, and increased adoption has put the country’s crypto casino space on an upward trajectory.
Switzerland
Switzerland requires that online gambling sites be licensed and have a domestic brick-and-mortar presence. However, crypto casinos are beginning to thrive.
Mexico
Mexico’s gambling market is set for a potential streamlining with new regulation, and with crypto legal, users can explore online sites for opportunities.
Crypto casinos are legal in Malta under the country’s legal framework that supports blockchain and crypto innovation.
Wrap up
As noted, there’s a growing demand for cryptocurrency-supported online casino games, and players worldwide continue to embrace benefits such as anonymity, fast transactions, and low fees. However, regulation is still in the early stages, and some countries have banned crypto from being used in gambling.
As Australia has shown, the question of innovation versus consumer protection is currently a key factor as crypto casinos explode in popularity.
The post Australia’s crypto casino ban came into effect last month – but there’s rapid growth in these top 10 countries appeared first on CoinJournal.
