Australia’s Northern Territory contemplating landmark crypto gambling regulation

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NTRC is consulting with its licensees to potentially include crypto wagering as a part of the Northern Territory’s regulated gambling industry

Australia’s Northern Territory contemplating landmark crypto gambling regulation

In a significant move that could trigger a permanent change in Australia’s gambling landscape, the Northern Territory Racing Commission (NTRC) is seeking its licensees’ inputs on legalizing crypto wagering in the territory. The NTRC is responsible for overseeing all wagering and gambling operations in Australia’s Northern Territory, including large companies like Sportsbet, Betfair, DraftKings and Entain Group.

The commission has reached out to its existing licensees with a private document, seeking feedback and input on the proposed changes if the crypto wagering were to be given a go ahead in the near future. 

Julian Hoskins discusses the proposal

Julian Hoskins, Principal at one of Australia’s biggest gambling law and regulatory advisory firms, Senet, got access to the private document and discussed its contents with Cointelegraph recently. During his discussion he said, “Now it’s clear from the draft framework that what they're looking at is wagering using cryptocurrency, and not exchanging into fiat. Given the popularity of crypto, I would imagine that this would be very popular as an alternative to fiat. I think it’s got the potential to be quite material.”

He further stated that bettors will most likely have to keep their crypto and fiat bets separate, on the same platform. Apparently, no means will be provided to interchange the two. Hoskins stressed that if the proposed model is implemented and is successful, other states’ gambling regulators are likely to follow suit.

Proposed requirements

Hoskins also noted that anyone interested in crypto gambling will need to fulfil stringent verification requirements in compliance with the KYC and AML (Anti-Money Laundering) laws. The gamblers will need to verify their wallet addresses and would be allowed to withdraw funds to the same wallet that was used for deposit. In meantime you can find Crypto casinos reviewed here!

Hoskins said, “What they’ll require under the draft framework is a verification of the crypto wallet. So, it needs to be verified and registered against a customer’s identity. And the customer has got to prove that they control that wallet,” in this regard.

The NTRC has proposed a monthly crypto deposit limit of AUD 2,000 (approx. USD 3,000) for the initial 12 months. In addition, the punters won’t be able to wager more than AUD 5,000 per month.

The local gambling service providers will be mandatorily required to maintain crypto wallets with ample funds, to be able to fully pay back their customers.

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