Australia’s Northern Territory Racing Commission, which issues sports betting licenses nationwide, says it has issued wagering operators with a draft regulatory framework for the acceptance and payment of bets using cryptocurrency.
Four years after advising licenses that they should not engage in the use of cryptocurrency, the commission this week said it has reconsidered the matter due to the rise in acceptance of cryptocurrency in various arenas, and a number of requests from licensees.
“The Commission is also mindful of recent volatility in the value of cryptocurrency, and the need to ensure that risks are appropriately identified and managed,” it said.
By providing operators with a draft regulatory framework for review, the Commission has requested that each licensee indicate whether they propose to accept cryptocurrency for the striking and paying out of wagers, and if so, whether they have determined which forms of cryptocurrency they would like to accept for this purpose.
However, such use of cryptocurrencies has not yet been accepted. The commission has set a 29 September deadline for the submission of responses and feedback.