Northern Territory of AustraliaMulls Landmark Crypto Gambling Regulation

The Northern Territory Racing Commission (NTRC) of Australia is discussing with the holders of its gambling licenses a potential proposal to include crypto betting as a legal form of gambling. Australian gambling regulations are primarily state-level, not federal, in nature. 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 collate...