Northern Territory of AustraliaMulls Landmark Crypto Gambling Regulation
NTRC Regulates Gaming and Betting
The Northern Territory Racing Commission regulates all wagering and betting businesses that opt to obtain a license there, including major international bookmakers like Betfair, Entain Group, Draft Kings, and Sportsbet. The NTRC has given licensees a secret document asking for their opinions on how the regulatory environment would appear to allow crypto wagering to take off in the Northern Territory (NT).
The private document has been made available to Julian Hoskins, the principal of Senet, leading gambling law and regulatory advisory company in Australia. Hoskins further mentioned that strict identification procedures have also been considered by Anti-Money Laundering (AML) regulation.
Monthly Cryptocurrency Deposit Limits
Hoskins further stated that for the first 12 months, the NTRC had suggested monthly crypto deposit limits of 2,000 Australian dollars, or roughly $1,300, with a maximum wager of 5,000 Australian dollars, or approximately $3,500, every month.
The gambling-sector attorney further noted that local gambling businesses would legally require cryptocurrency wallets with sufficient assets to completely collateralize customer wager amounts, as is customary in fiat-based gambling. Hoskins stated that he was unsure of "how it would be addressed" regarding the tax repercussions of utilizing volatile crypto assets for gambling, indicating that the NTRC is currently considering these matters.
Given that it earlier instructed gaming companies like Neds to "stop" Bitcoin (BTC) wagering back in 2018, the NTRC appears to have dramatically revised its position on cryptocurrency.
