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    Europe and Australia with new rules for crypto gaming

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    Europe sets new rules for crypto agencies regarding AML, while Australia bans using crypto or credit cards for online betting.

    The online gaming industry is constantly seeing changes and improvements in games, security, and design. While casinos get bigger and better, there’s also the flip side of the coin focusing on the admin-related issues.

    Thanks to crypto casinos and other payment methods in the online gambling world, there is more freedom in payment options, which leads to more legislation. Most recently, the European Parliament and Australia have applied some regulatory changes and new rules.

    European Parliaments' new rules for AML

    In recent news, it was revealed that the European Parliament has approved new rules that make it mandatory for cryptocurrency agencies to do their due diligence in combatting money laundering. This impacts all the crypto asset providers under the new Markets in Crypto-Assets (MiCA) law. This includes UK online casinos and others open to UK players who are using crypto but are not connected to GamStop.

    With these, it is expected for all crypto exchanges within the European Union to contain due diligence standards and adhere to the new regulations. Any services that exchange from crypto payments to fiat currencies and provide custody wallets will be required to take a new approach due to the rapid technological advancements and developments. These will have to meet the standards of the Financial Action Task Force.

    The new law will ensure that the Crypto-asset service providers (CASP) will no longer have the option to offer services to anonymous accounts, which is already enforced by the existing AML laws. It also prohibits inherently anonymous cryptocurrencies.

    Read more about this in our guide for crypto wallets and crypto casinos.

    With this, a new agency, the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA), will oversee enforcing these new rules across all EU online casinos. The law still needs its formal adoption, but the expectation is that AMLA will take control of supervision in this area.

    Payment changes for Australian bettors

    The Land Down Under has taken a strict approach by implementing a new law that prohibits using cryptocurrencies or credit cards for online betting. The new rules, adding to the already comprehensive list of online gambling regulations in Australia, have been put in place to lessen problem gambling.

    Since 11 June 2024, Australians can’t place wagers using anonymous digital currencies or any borrowed funds. The ban regulations now align with those of land-based casinos where credit card use was restricted long ago. The only online betting option that remains exempt is online lotteries, which still accept credit card payments.

    A 2019 study revealed that Australian gamblers use cryptocurrencies for their online gaming. Kai Cantwell, the CEO of Responsible Wagering Australia, has commended the government’s move and called on them to extend the ban to all other exempted gambling forms.

    According to Cantwell, this is an important measure to protect customers and help them better control their gambling behaviour. The new changes result from the latest amendments to the Interactive Gambling Act 2001, which was passed last year. Now that the six-month transition period has been completed, companies will face fines of up to AU$234,750 ($155,085) if they are non-compliant.

    Minister for Communications Michelle Rowland says that more measures will be announced to stop gambling-related issues. Rowland is adamant that Australians should not be gambling with funds they do not have.

    On the other hand, Australian betting remains significant in the crypto market despite the legislation. It will be interesting to see how this develops as the popularity of cryptocurrency gaming continues to grow.

    Published: July 19, 2024

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    Stelly avatar image

    Article by Stelly

    CasinoWow Contributor

    Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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