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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

MGA: Licence Cancelled for Bet Service Group Limited

George Miller

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MGA: Licence Cancelled for Bet Service Group Limited
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The Malta Gaming Authority is hereby notifying that Bet Service Group Limited, gaming licence MGA/B2C/344/2016, has been cancelled as of 18 February, 2019.

Bet Service Group Limited has thus been directed to proceed with the cancellation process of the Authorisation, and to suspend all gaming operations with immediate effect.  In addition, a notice on the Authorised Person’s website/s is to be displayed informing all players that the Authorisation has been cancelled.

Furthermore, the Authority hereby notifies that any websites operated by Bet Service Group Limited or associated with Bet Service Group Limited, and which make reference to the Authority or the above-quoted licence is not approved to be operational by the Authority. Due to the cancellation of the licence, Bet Service Group Limited is therefore not authorised to continue conducting gaming by means of distance communications under an Authority licence.

Players who deem to have any outstanding payments due to them on the mentioned licence are to send an email to support.mga@mga.org.mt and should submit the following information:

  1. Name and Surname;
  2. Registered Address;
  3. Date of Birth;
  4. Copy of Passport or ID Card;
  5. Telephone Number;
  6. Description of Product i.e. casino or sportsbook;
  7. User Name; and
  8. Screenshot of Balance or any pending Cash Outs (if not available an estimated balance is to be submitted).

The Authority notifies that no further information shall be released at this stage in order not to compromise any investigations that may need to be performed by the Authority and/or any other competent authority.

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Compliance Updates

Breaking News: Dutch Senate votes to legalize online gambling

Zoltan Tundik

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The Netherlands Senate voted today in favor of the country’s long-awaited online gaming legislation, which was approved by the House of Representatives back in 2014.

The new regulatory regime will allow operators to secure online sports betting and casino gaming licenses to serve Dutch consumers, subject to secondary legislation that is yet to be submitted for European Commission approval.

Today, the Dutch Senate voted in favor of legislation to legalize internet-based gambling, clearing the way for foreign and Dutch firms to apply for licenses.

On Monday, the Financieele Dagblad said some 300 companies have expressed interest in running a gambling website in the Netherlands and about 50 are expected to make a formal application for a license when they are up for grabs next year. Tuesday’s vote comes two years after the lower house voted in favor of allowing third parties to legally offer online gambling.

Holland Casino is the Netherlands’ only state-regulated gambling establishment but foreign firms widely flout the ban and continue to target Dutch punters.

The two Christian parties in the ruling coalition voted against the legislation. They claim allowing more companies to offer online betting will lead to more problems with addiction.

Source: DutchNews.nl

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Bangladesh bans online gambling websites

Niji Ng

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Bangladesh bans online gambling websites
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Bangladesh Telecommunication Regulatory Commission (BTRC) has asked all the internet gateway providers and Telecom department to run an internet safety solution programme to block online gambling websites. BTRC is believed to have received an instruction to effect the same from the country’s government.

The telecom regulator has sent the order to block the websites so that these websites will not be accessible in Bangladesh again.

“It might take few more hours to block all the sites completely as blocking any site is so technical,” said Md Emdadul Hoque, general secretary of Internet Service Provider Association of Bangladesh (ISPAB).

A top official of the BTRC said they have often found complaints from different sides about online gambling and that needs to block for the sake of safe internet.

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