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Compliance Updates

Gibraltar sets world-first with new blockchain laws

Niji Ng

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Gibraltar turned out to be the initial jurisdiction in the world this month to put forward a regulatory structure for companies engaged with blockchain technology.

A bench of 17-member local Parliament passed a bill in the month of December that calls for the entire firms using DLT, or blockchain, to store or transmit value possessed by others in the country to procure a licence from the Gibraltar Financial Services Commission (GFSC).

On January 1, the DLT Regulatory Framework came into force and established GFSC as the body that will administer the regulation of DLT in Gibraltar.

GFSC in a statement said, its primary intention is to secure consumers and the esteem of Gibraltar, “when considering any licence application and in its supervision and enforcement functions.”

The GFSC also added that the DLT Regulatory Framework justifies its regulatory and strategic objectives, as laid out in the nine regulatory principles designed for DLT applications.

Nicky Gomez, head of risk and innovation at the GFSC, added: “We are really excited to finally welcome applications from DLT providers; the team expects to be very busy in the coming months, and are looking forward to working on some interesting and innovative ideas with applicants.”

“Working closely and collaboratively with the financial services industry and the Government of Gibraltar has resulted in the GFSC becoming the first regulator to introduce a DLT Regulatory Framework.”

“It is a very encouraging time and we are also looking forward to the challenge.”

The current updates around the regulatory updates in 2018 in Europe will be among the highlight of European Gaming Congress, organized by the team.

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Compliance Updates

California could legalise sports betting in 2020 ballot

Niji Ng

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California could legalise sports betting in 2020 ballot
Photo Credits: Robert F. Bukaty/Associated Press
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Alex Padilla, Secretary of State in California, has said that the processes to include sports betting legalisation on the 2020 ballot in California has been started. Russell Lowery, a political consultant, is pushing the proposal.

The proposal would require 585,407 signatures collected by February in order to get included on the 2020 election ballot. It would expand tribes’ rights over certain games but would also expand competition for them as it would clear nontribal cardclubs to take sports wagers.

“This proposed measure would bring Vegas-style gaming to nearly 100 locations and urban areas throughout California,” said Mark Macarro, chairman of the Pechanga Band of Luiseno Indians. “This is not in keeping with California’s longstanding policy of limited gaming, and we will vigorously oppose this measure.”

“The tribes are in no rush,” added lobbyist David Quintana, who represents tribal gaming groups such as the Viejas Band of Kumeyaay Indians near San Diego. “Our first priority with sports wagering is to ensure that brick-and-mortar casinos are protected,” he assured.

 

Source: focusgn.com

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Compliance Updates

Novomatic obtains Granada license

Niji Ng

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Novomatic obtains Granada license
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Novomatic, the Austria-based international gambling company, has obtained casino license in Granada, Spain. The license will allow the company to operate a casino for the next 15 years.

The new casino is expected to generate 200 new direct jobs and. The authorities are happy to co-operate with the new project as the new facilities will be integrated into the tourist complex of Monachil, which already has a hotel with spaces for events and celebrations, sports areas and restaurants.

The location (the municipality of Monachil in Sierra Nevada – a mountain range in the province of Granada) will contribute to the promotion of tourism in the area, which was one of the key requirements in the bidding process.

 

Source: intergameonline.com

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Compliance Updates

Battle Passes vs Loot Boxes: Which is legally more acceptable?

Niji Ng

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Battle Passes vs Loot Boxes: Which is legally more acceptable?
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Two attorneys, Greg Boyd and Sean Kane, has launched a new book that offers insights into video game law, titled Video Game Law – Everything You Need to Know about Legal and Business Issues in the Game Industry.

The duo is talking in this article about the legal angles surrounding Loot Boxes and Battle Passes.

“The book has 12 chapters and it’s really aimed at the general video game audience,” says Greg Boyd who co-chairs the interactive entertainment group at Frankfurt Kurnit alongside Sean Kane. “We deliberately didn’t write a textbook in the hardcore sense of a textbook used in a law class.” Instead, each chapter of the book covers a legal topic in the video game world whether it’s game ratings, gambling, or licensing, something Kane specialises in.

Considering that an entire chapter is dedicated to gambling and video games, I asked whether we could see a similar situation play out with Battle Passes, a recent trend in video games that offer in-game rewards for completing specific milestones or in-game challenges. The way Battle Passes are designed seem to be specifically counter to loot boxes where players might not even know what kind of prizes they will win.

“People think of loot boxes as rolling a die, but the fact is that the die can be different for different players is pretty revelatory for some folks…and at a certain level maybe that feels a smidge unfair if it’s not disclosed,” says Boyd about loot boxes. “Battle Passes strike me as a substantial improvement.”

“I generally agree with Greg,” says Kane. “A lot of states allow you to win an item – pay to win an item. So, it’s based on your skill, your knowledge, your abilities. So, under that law, Battle Pass I think are much, much better…The way that most battle passes are set up I think are kind of state-of-the-art in the industry. And they shouldn’t have a reason to have regulators questioning them.”

“It’s much better than a black box mechanism where you don’t know what you’re going to get if anything,” adds Boyd. “And not to say that those are impermissible, but the battle pass systems are an improvement certainly in disclosure and are likely to hold up better under scrutiny.”

While this is an informal conversation on the topic, it’s interesting to get an opinion on Battle Passes as more and more games adopt them. Games like Rocket League and PlayerUnknown’s Battlegrounds have announced battle pass systems following the success of the programme in Fortnite Battle Royale. It is probably not a coincidence that both PUBG and Rocket League were flagged by the Dutch Gaming Commission for their loot boxes.

So are battle passes the future of the video game industry? Fortnite certainly has found success with the system and as Boyd and Kane say in our conversation, Battle Passes are in a stronger position against regulations.

 

Source: usgamer.net

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