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Although the industry is flourishing rapidly, several issues still exist. One such issue is Australians using credit cards for placing bets - which can prove costly over time as these transactions are treated as cash advances with different interest-free periods or cash advance rates than regular purchases - potentially creating serious difficulties when gamblers lose money. Ashore Safely, Understanding tax regulations in Australia when gambling with cryptocurrency can also be crucial when gambling with virtual coins. Depending on how your coins were acquired, capital gains taxes or income taxes could apply depending on how they were acquired.
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