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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

UK may implement cut of FOBT maximum stakes earlier than announced

Niji Ng

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UK may implement cut of FOBT maximum stakes earlier than announced
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The British culture minister Jeremy Wright said the government is planning to prepone the implementation of the planned reduction of the maximum stake on fixed-odds betting terminals (FOBTs). Earlier, the date of implementation was October 2019. It could be proposed by six months to April 2019.

It is a real twist in the tale, following the resignation of sports minister Tracey Crouch, who blamed the government of delaying to October the planned the reduction of maximum stake from 100 pounds to just two pounds.

The government had been staring at a possible defeat on its budget legislation in parliament, as many legislators from the governing Conservatives backed an amendment which would have forced them to bring forward the timing of the cut.

Wright said the implementation of the proposed rise in Remote Gaming Duty, paid by online gaming operators, could also be preponed to April to cover the negative impact on the public finances.

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Compliance Updates

New gambling law in Switzerland will come into effect from 2019

Niji Ng

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New gambling law in Switzerland will come into effect from 2019
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The newly passed gambling legislation in Switzerland, the Swiss Gaming Act, will come into force in the country on 1 January 2019. The law will regulate the licensed online gambling space and ban foreign operators altogether.

The new law legalises licensed iGaming companies.

The gaming act’s enforcement was confirmed by Switzerland’s Federal Council, which confirmed its implementation starting next January. It also explained it will consider licence applications during the first six months of 2019, in compliance with the new legislation, and the first ones are set to be issued before July 1, when the foreigner’s ban comes into effect as well.

Licensed operators can provide poker and roulette games to the customers, but need to stick with stringent constraints about the stakes.

The “concrete measures” of the new legislation were aimed to protect problem gamblers.

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Compliance Updates

Bulgaria adds more websites to iGaming blacklist

Niji Ng

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Bulgaria adds more websites to iGaming blacklist
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The State Commission on Gambling (SCG) of Bulgaria has added four more websites to its blacklist of iGaming companies that are operating without a license.

The four websites added to the blacklist as per order no. 1913 of October 28 and no. 1991 of November 9 are nissicasino.com, 1xbet72.com, pokernox.com, 1xdcxc.host.

The SCG periodically updates the list of illegal gambling sites.

The State Commission on Gambling has been established for the purpose of inspecting the compliance with the law of the activity of the gambling games organisers, the producers of gabling game equipment, the distributors and service organisations for the maintenance and repair works of such equipment performed on the territory of Bulgaria.

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