Compliance Updates
Dutch Financial Markets Authority alerts of Cryptocurrency Investment Risks, Bans Gambling-Like Binary Options
The Netherlands Authority for the Financial Markets (AFM) demands restrictive measures on bitcoin and altcoins investment and betting on the price of bitcoin when banking firms are warning that a bitcoin bubble could dwarf the 1600s Dutch tulip mania.
In an interview with local media outlet de Volksrant, Merel van Vroonhoven, the Chairwoman of the AFM, affirmed that while the Authority does not have the potential to halt cryptocurrency investment, it can ban “exotic products,” including binary options. These enable customers to bet on the price of bitcoin. According to Ms. Van Vroonhoven such a ban might be imminent, owing to growing concerns over the risks products of this nature pose to customers.
Citing a recent study, the Financial Official said that between 74 and 89% of all customers of binary options platforms are losing money with those products, falling short of calculating the risks well in advance.
“Investment products are not a game, and bitcoin is not a game.”
The AFM Chairwoman expressed her concerns that the difference between binary options and gambling is thinning, and it might disappear completely to members of the younger generation. She further brought to notice that customers are usually targeted with techniques that very much resemble the online gambling industry’s approaches.
The AFM has warned cryptocurrency investors and binary options customers on diverse occasions over the years, specifically over the preceding several months and weeks when concerns over an eventual burst of the bitcoin bubble got intense.
Kansspelautoriteit ’s Stance on Cryptocurrency Investment
Following requests and inquiries, the Dutch Gambling Authority clarified its own involvement in cryptocurrency investment regulation last week. In a statement, the regulatory body pointed out that it had no role in the regulation of the activity. Kansspelautoriteit further explained that under the country’s current gambling regulations, investment in bitcoin and other virtual currencies does not represent gambling.
The regulator determined its role in the regulation of cryptocurrency investment, or rather its lack of a role, after comprehensive research of the essence of the activity. Kansspelautoriteit pointed out that it was not before it had looked carefully into virtual currencies and the technology behind them that it was able to determine its participation in regulating an activity which is currently very difficult to regulate not only in the Netherlands but also across the globe.
At the time of writing bitcoin’s price stands at $11,034.88, down from its December all-time high of $19,343.04.
In a research letter to bitcoin investors, banking firm Goldman Sachs joined the pack of analysts and financial institutions warning about the risks of cryptocurrency investment. The bank generally praised the technology that powers bitcoin and altcoins, as it offers easy global execution, lower costs of transactions, traceability of all transactions, and so no. However, it pointed out that bitcoin currently does not provide any of these benefits.
Compliance Updates
GoldenRace is now certified in the Netherlands
GoldenRace, global provider of award-winning Virtual Sports and betting solutions, has recently obtained a certification for its highly acclaimed Virtual Sports and Games in the Dutch market.
GoldenRace successfully navigated the stringent regulatory landscape of the Netherlands, and now will be providing its impressive betting products into the Online Dutch market, which will be an important advancement in our operational expansion.
The Netherlands betting scene is on the cusp of a substantial growth phase and with GoldenRace’s latest certification, we introduce to the Dutch market a range of highly popular games tailored to desktop and mobile, in both scheduled and on-demand modes.
Among the offer, players will enjoy our most-played Virtual Football line-up – including Football Single, Leagues, World Cup and Euro Champions-, adrenaline-pumping 3×3 Basketball and MMA and top-notch races as Horse Racing, Greyhound Racing and Grand Prix Indianapolis 60. Last but not least, our Number Games, such as Spin2Win. All ready to captivate Dutch players.
Asia
PAGCor Welcomes Lawyer Wilma Eisma as New President and Chief Operating Officer
The Philippine Amusement and Gaming Corporation (PAGCor) today welcomed its new President and Chief Operating Officer, lawyer Wilma Eisma, who took her oath of office before Executive Secretary Lucas Bersamin in Malacanang this morning.
“We are happy to welcome Atty. Wilma Eisma as PAGCor’s new President and Chief Operating Officer,” PAGCor Chairman Alejandro Tengco said. “We know she will be a great asset and her vast experience in both the government and private sectors will surely be put to good use here.”
Tengco said he witnessed Eisma’s oath-taking in Malacanang this morning. She then immediately joined her first PAGCor board meeting in the afternoon as the agency’s first ever woman President and Chief Operating Officer.
A lawyer by profession, Eisma earned her law degree from the Ateneo de Manila University and was a member of the Board of Directors of the Development Bank of the Philippines before joining the state gaming firm.
Prior to that, she also served as the first woman Administrator and Chairman of the Subic Bay Metropolitan Authority (SBMA).
Her private sector stints include leadership roles in PMFTC Incorporated, the Philippine affiliate of Philip Morris International.
She also held key positions at the Department of Trade and Industry where she worked at the Office of the Secretary and in the Office of the Majority Leader in the House of Representatives, among others.
Eisma succeeded Atty Juanito Sanosa Jr who resigned as PAGCor President and Chief Operating Officer last January.
Compliance Updates
MGA: Update to the Incident Reporting Requirements
The Malta Gaming Authority would like to inform its licensees of updates made to the Incident Report mechanism available through the Licensee Portal The information hereunder outlines relevant guidance and procedures for the submission of an Incident Report through the updated reporting instrument entitled the ‘Technical – Information Security Incident’.
As mandated by Articles 37(2)(c) and (d) of the Gaming Authorisations and Compliance Directive (Directive 3 of 2018), “Licensees shall notify the Authority forthwith, and in any case no later than three (3) working days after, the following:
(c) Any breach of the licensee’s information security that adversely affects the confidentiality of information relating to players;
(d) Any breach of the licensee’s information security that precludes players from accessing their accounts for a period exceeding twelve (12) hours.”
In this regard, Licensees are obliged to submit an Incident Report in order to notify the Authority of the circumstances relating to an information security breach that meet the above specified criteria. Additionally, Licensees are advised to remain mindful of any further obligations emanating from the General Data Protection Regulation (EU/2016/679) and any relevant legislation.
The Technical – Information Security Incident option will be accessible through the “New/Change” dropdown menu via the Portal. Upon selection, users will be directed to the applicable sections of the ‘Technical – Information Security Incident’ where all compulsory fields and any relevant documentation must be submitted to the Authority.
Upon submission, the Incident Report shall undergo review by the Authority. Any missing information that may be identified by the Authority, shall be requested accordingly from the Licensee. It is imperative that any pending clarifications are addressed in a timely manner.
If no further clarifications are deemed necessary by the Authority, the Incident Report will be closed off accordingly, and any relevant documentation will be securely filed for record-keeping purposes.
Any Incident Reports left in ‘Draft’ form (i.e. opened but not effectively submitted) for a period of ninety (90) days shall be automatically discarded.
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