Bitcoin is one of the most common solutions to bypass regulatory and financial policies for many bettors living in countries like the US, Australia, Russia, or even European countries where offshore sportsbetting is prohibited, taxed, or penalized. Although it’s also used as a faster and more profitable betting method, Bitcoin’s main attraction still lies within the anonymity it provides.

However, due to its rapidly growing acceptance within both the offline and online world, Bitcoin has been catching the eye of regulatory bodies more frequently, especially within the last year, during which its price kept breaking record after record. The latest countries to join the expanding group of nations that regulate Bitcoin are Australia and Russia, both of which are prepping up for passing legislations that can make a big difference to sport bettors living in the countries.

Russia Central Bank Moves Closer to Legislation

The Russian government was known for its fierce stance on Bitcoin, since officials have been vocally criticizing the cryptocurrency. But that stance changed drastically over the course of the last month-two as Alexei Moiseev, Deputy Finance Minister of Russia, publicly disclosed last month that the Russian Federation is to draft a new bill that would define and legalize Bitcoin in an effort to battle money laundering and strengthen the local economy.

Moiseev, at the end of April 2017, told media outlets that the legislation is likely to be ready by 2018 and that they will be working with the central bank to determine a mutual position. But several days ago representatives from the Central Bank or Russia (CBR) already announced that the legislation will be revealed in one month, most likely towards the end of June.

According to Olga Skorobogatova, CBR Deputy Governor, Bitcoin, along with any other cryptocurrency not issued by the state, will be classified as “digital goods” and consequently be subject to the provisions in the corresponding legislation. The central bank is planning to use several amendments from the digital currency laws for cryptocurrencies, including ones that apply to control, record-keeping, and taxes. Thus, Bitcoin bettors in Russia might face more control through the upcoming legislation.

Double Tax on Bitcoin to be Gone in Australia

At the beginning of May, the Australian government also announced plans to change the current anti-money laundering (AML) and counter-terrorism financing (CTF) legislation to incorporate more oversight over Bitcoin. In an official document, which was released at the beginning of the month, the Government stated its support for the recommendations given by the Productivity Commission which called for changes to the AML and CTF Act that would incorporate digital currency businesses.

The AML/CTF Act, among other things, obligates businesses to verify the identity of their customers and record their transfers and transactions. Per the proposed changes, businesses working with digital currencies, which include exchanges, will also have to comply with the Act’s provisions. The government also proposed to remove the Goods and Service Tax on Bitcoin to avoid the current double taxation, with the final goal being to stimulate the FinTech industry.