Available currencies and their legal status
In legal online casinos in Australia, the availability of currency for replenishment and play is determined by a combination of federal laws, license terms and payment infrastructure. The main regulatory document is the Interactive Gambling Act 2001 (IGA), supplemented by the rules of the licensing authorities of the states and territories.
1. Main currency
Australian Dollar (AUD) - Mandatory support for all Australian licensed operators.
When working with AUD, transactions are processed through Australian payment systems such as POLi, BPAY, PayID, as well as bank transfers and debit cards.
2. Use of foreign currencies
Licensed casinos can accept foreign currencies (USD, EUR, GBP, NZD, etc.), but are required to convert at the market rate and display the total amount in AUD for reporting.
The choice of currency depends on the partner payment providers and the country of registration of the player.
By law, the operator is obliged to warn the player about possible conversion fees.
3. Cryptocurrencies and their status
Direct use of cryptocurrencies in licensed casinos in Australia is limited.
Some operators can accept cryptocurrencies through registered payment intermediaries who convert them to AUD.
According to AML/CTF rules, any cryptocurrency transaction must be verified, and the source of funds must be confirmed.
4. Legal regulation of foreign exchange transactions
4. 1 For AUD
Transactions are subject to AUSTRAC financial monitoring.
Limits and reporting comply with the internal rules of the operator and the requirements of the regulator.
4. 2 For foreign currencies
Transactions pass through international payment systems (Visa, Mastercard, e-wallets).
Regulated as foreign exchange transactions, with mandatory accounting for exchange rate differences.
4. 3 For cryptocurrencies
* Anti-Money Laundering and Counter-Terrorism Financing Act 2006 *.
The operator is required to keep records of all cryptocurrency transactions for at least 7 years.
5. Foreign currency risks
Exchange rate volatility - the sum of the winnings in the output may differ from expectations.
Additional fees of the bank or payment system.
Longer transaction processing times compared to AUD.
6. Recommendations to players
To minimize fees and speed up payments, it is better to use AUD.
Before replenishing in foreign currency, check with the casino the conversion rate and the amount of possible fees.
When working with cryptocurrency, check whether a licensed intermediary is used.
Conclusion:
1. Main currency
Australian Dollar (AUD) - Mandatory support for all Australian licensed operators.
When working with AUD, transactions are processed through Australian payment systems such as POLi, BPAY, PayID, as well as bank transfers and debit cards.
2. Use of foreign currencies
Licensed casinos can accept foreign currencies (USD, EUR, GBP, NZD, etc.), but are required to convert at the market rate and display the total amount in AUD for reporting.
The choice of currency depends on the partner payment providers and the country of registration of the player.
By law, the operator is obliged to warn the player about possible conversion fees.
3. Cryptocurrencies and their status
Direct use of cryptocurrencies in licensed casinos in Australia is limited.
Some operators can accept cryptocurrencies through registered payment intermediaries who convert them to AUD.
According to AML/CTF rules, any cryptocurrency transaction must be verified, and the source of funds must be confirmed.
4. Legal regulation of foreign exchange transactions
4. 1 For AUD
Transactions are subject to AUSTRAC financial monitoring.
Limits and reporting comply with the internal rules of the operator and the requirements of the regulator.
4. 2 For foreign currencies
Transactions pass through international payment systems (Visa, Mastercard, e-wallets).
Regulated as foreign exchange transactions, with mandatory accounting for exchange rate differences.
4. 3 For cryptocurrencies
* Anti-Money Laundering and Counter-Terrorism Financing Act 2006 *.
The operator is required to keep records of all cryptocurrency transactions for at least 7 years.
5. Foreign currency risks
Exchange rate volatility - the sum of the winnings in the output may differ from expectations.
Additional fees of the bank or payment system.
Longer transaction processing times compared to AUD.
6. Recommendations to players
To minimize fees and speed up payments, it is better to use AUD.
Before replenishing in foreign currency, check with the casino the conversion rate and the amount of possible fees.
When working with cryptocurrency, check whether a licensed intermediary is used.
Conclusion:
- In licensed casinos in Australia, AUD is the main settlement currency, but some operators accept foreign currencies and, in limited cases, cryptocurrencies. The law requires full transparency of conversion, compliance with AML/CTF procedures and informing the player of any additional costs.
