“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,” read an NTRC statement.

The NTRC is expecting all industry feedback on the matter to be delivered to it by September 29. Then it hopes to draft regulations as a guide for the use of crypto – for initially settling payments, and then for potentially making wagers as well.


In related news, this week the Australian Treasury announced it plans to launch a “token mapping” audit of the country’s crypto sector, in order to identify and catalogue the various types of digital assets available to Australians, with consumer protection at the forefront of mind.

“With the increasingly widespread proliferation of crypto assets — to the extent that crypto advertisements can be seen plastered all over big sporting events — we need to make sure customers engaging with crypto are adequately informed and protected,” said Treasurer Jim Chalmers.