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The laws that regulate (prohibit) on-line bitcoin on line casino games in Australia have two factors that enable Australians to make use of overseas on-line sitesto acquire entry to virtual foreign money playing with anonymity, however which might be additionally designed to forestall the expansion of Australian bitcoin poker businesses.
These factors are the “denial of a place in the Australian market and the prohibition of providing cash or the services in Australia of, by or in relation to bitcoin” and the lack of regulation of the business.
The Australian government has taken steps to prevent bitcoin casinos from operating in Australia. In 2015, the Australian government issued a draft regulatory framework for Australia. But according to the draft rules, there’s solely room for one Australian bitcoin on line casino in a given market.
To circumvent these restrictions, bitcoin playing operators are working from overseas to enter Australia and acquire the necessary licences and to draw Australian residents utilizing international playing websites.
For the time being, bitcoin casinos don’t exist in Australia. The first bitcoin on line casino in Australia was announced in 2015. But as of the end of 2016, it appears that there are no bitcoin on line casino obtainable in Australia.
According to the Australian Senate inquiry on illicit on-line betting, “a government-registered web site can be operated in conjunction with some other web site licensed under a relevant government licensing Act”. However, it seems that bitcoin casinos could be operated immediately without any regulatory approval.
If there is not any authorized foundation to control bitcoin playing in Australia, can there be an “illegal gaming” exemption?
The Australian Securities and Investments Commission (ASIC) considers any activity associated to bitcoin “illegal playing” and is due to this fact investigating the use of bitcoin to enter Australia.
In this case, ASIC is inspecting the flexibility to conduct bitcoin gambling in Australia and the flexibility of international online gaming sites to supply Australians access to the bitcoin gambling market without requiring ASIC approval.
ASIC has not commented when it announced the investigation.
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