Association between cryptocurrency trading (as gambling or gambling-like behaviour) and the use of cryptocurrency for gambling by adults: A scoping review

Abstract

Project Title Understanding Financial Counsellor Perspectives On Cryptocurrency Investing Principal Investigator Ajith Perera (PhD Candidate, RMIT University) Supervisors: Dr. James Collett (Primary), Dr. Russell Conduit (Secondary) Project Description This qualitative research explores how financial counsellors conceptualise and respond to cryptocurrency-related financial harm in their professional practice. The study examines counsellors' perspectives on whether cryptocurrency engagement represents gambling, investment, or hybrid behaviours, and investigates how these conceptualisations influence intervention strategies. Financial counsellors encounter diverse presentations including voluntary problematic trading patterns and cryptocurrency-related fraud victimisation, both potentially exhibiting gambling-like psychological mechanisms such as loss-chasing and escalating commitment. Research Aims and Objectives Primary Aim: To understand how financial counsellors view and interact with clients who engage with cryptocurrencies across the gambling-investment-fraud continuum. Research Questions: How do financial counsellors decide if someone's cryptocurrency trading reflects gambling versus investment behaviours (including voluntary problematic trading and exploitation through fraudulent schemes)? What role does financial literacy play in whether clients develop problematic cryptocurrency engagement patterns? How do counsellors identify and help clients with problematic cryptocurrency engagement? What challenges do counsellors face and what training or resources do they need to address cryptocurrency-related financial harm effectively? Rationale Cryptocurrency trading has emerged as a novel phenomenon with concerning parallels to gambling addiction. Research suggests cryptocurrency's structural characteristics—volatility, 24/7 availability, minimal barriers to entry—may facilitate gambling-like behaviours while also serving as a medium for investment scams exploiting similar psychological vulnerabilities. Financial counsellors occupy a unique position at the intersection of financial advice and behavioural intervention, providing direct observational evidence of how problematic cryptocurrency engagement presents in practice. Their professional experiences reveal assessment and intervention strategies unavailable through literature review alone, identifying specific training and resource needs to enhance professional capacity. This research addresses a critical knowledge gap in understanding professional responses to this emerging financial harm. Research Methodology Design: Qualitative study using semi-structured individual interviews and reflexive thematic analysis (Braun & Clarke, 2019). Theoretical Framework: Behavioural finance theory (Kahneman & Tversky, 1979), problem gambling frameworks (Blaszczynski & Nower, 2002), and professional practice theory (Schön, 1983). Data Collection: Semi-structured individual interviews (60-90 minutes each) Conducted via secure video conferencing or telephone Audio recorded with participant consent Open-ended questions exploring professional experiences, intervention strategies, and challenges Analysis Approach: Reflexive thematic analysis following Braun and Clarke's framework, allowing construction of meaningful themes through iterative engagement with rich contextual data while maintaining theoretical grounding. Participant Selection and Recruitment Sample Size: 8-15 certified financial counsellors (typical for qualitative research using reflexive thematic analysis, ensuring sufficiently rich data while maintaining analytical depth). Inclusion Criteria: Certified financial counsellors with recognized professional certification Current experience working with clients engaging in cryptocurrency-related financial presentations Able to participate in 60-90 minute interview Over 18 years of age, English-speaking Exclusion Criteria: Uncertified practitioners or those without formal financial counselling qualifications Unable to commit to interview participation requirements Under 18 years of age or non-English speakers Sampling Strategy: Purposive sampling ensuring diversity across experience levels, practice settings (private practice, non-profit, government agencies), and geographical locations (urban and regional Australia). Recruitment Methods: Professional networks and organisations (Financial Counselling Australia) Educational providers with connections to practitioners Public website searches of financial counselling practices Direct email contact using publicly available professional addresses Data Management Plan Data Collection: Audio recordings of interviews (45-60 minutes each) Interview transcripts (Word documents) Consent forms (PDF scanned documents) Participant demographic information (Excel spreadsheets) Data Storage During Project: RMIT network H: drive with password protection Separate storage of identifiable data and de-identified research data Access limited to research team only (Ajith Perera, Dr. James Collett, Dr. Russell Conduit) De-identification Protocol: Participants assigned unique codes (P01, P02, etc.) immediately following data collection Names, workplace locations, and identifying information removed from transcripts Coding key stored separately and destroyed after transcript approval by participants Audio recordings destroyed following transcription verification Data Retention: Personal identifiers: Destroyed after all participants approve transcripts De-identified research data: Retained for 5 years following publication (RMIT policy compliance) Audio recordings: Destroyed following transcription verification Ethics Approval: RMIT University Human Research Ethics Committee (Reference number: 29607) Project Benefits Individual Participants: Opportunity to reflect on professional practice and contribute to knowledge development Access to research findings that may enhance professional effectiveness Recognition of expertise in emerging area of practice Financial Counselling Profession: Evidence-based practice guidelines for addressing cryptocurrency-related financial harm Targeted training modules and specialised resources Enhanced professional capacity to support diverse client presentations Broader Community: Improved client outcomes through more effective counselling interventions Potential for early intervention reducing financial and mental health harm Contribution to public health approaches and regulatory improvements Better support for vulnerable populations (older adults, individuals with debt, disability pension recipients, regional communities) Risk Management Minimal Risks Identified: Time commitment (60-90 minutes) Potential discomfort reflecting on challenging professional cases Confidentiality concerns regarding professional reputation Risk Mitigation: Voluntary participation with right to withdraw at any time Comprehensive de-identification protocols Secure data storage and handling procedures Mental health support resources provided (Lifeline 13 11 14, Beyond Blue 1300 22 4636) Transcript review opportunity for participants Clear communication about confidentiality protections Timeline Start Date: Upon ethics approval End Date: Three years from approval date (maximum) Current Status: Ethics application submitted [insert date] Funding and Conflicts of Interest Funding: Supported by RMIT University resources Conflicts of Interest: None declared by research team Expected Outputs PhD thesis chapter Peer-reviewed journal publications in financial counselling, gambling studies, and public health Conference presentations at professional forums Practice guidelines for financial counsellors Training resource recommendations Compliance This research adheres to: National Statement on Ethical Conduct in Human Research (2023) Australian Code for Responsible Conduct of Research (2018) RMIT University research policies and procedures Privacy legislation (Victorian Information Privacy Principles) Pre-Registration Date: [insert] Ethics Reference Number: 29607