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Are there any specific licensing or operational necessities for operators accepting digital currencies (including cryptocurrencies)? For example, in 2017, a large Australian playing firm paid an AUS $45 million civil penalty to AUSTRAC for the failure to comply with sure necessities under the AML/CTF Act. Under the AML/CTF Act, sure playing activities are categorised as ‘designated services’ and, as such, reporting entities are required, amongst other issues, to register with AUSTRAC, develop and keep a compliant AML/CTF Program and report sure transactions to AUSTRAC, including by the use of TTRs and SMRs. Included on this are restrictions at a state and territory degree in relation to gambling advertising and likewise inducements to open an account and, in some jurisdictions, to gamble or to gamble more regularly.
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