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Compliance Updates

Truegame strengthens its positions by acquiring Curaçao Gaming License

George Miller

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Truegame strengthens its positions by acquiring Curaçao Gaming License
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Truegame -a fully implemented blockchain-based iGaming platform announced obtaining of Gaming License of Curaçao.

 

A smart contract based iGaming platform Truegame has proudly announced acquiring of its first license – a Gaming License under the jurisdiction of Curaçao. The team considers this step to be one of the most significant milestones in the project development.

In order to comply with the requirements of the Regulator, Truegame’s team had to perform a lot of work and to undergo a serious project review. This included deep dive into project’s details, audit of platform’s random number generator and of company structure, due diligence, servers and infrastructure check, etc.

Truegame’s CEO Dmitry Danilov said:

License obtaining is very important turning point in the development of a strong iGaming project like Truegame. Curaçao gaming licence enables such opportunities as extensive legal interaction with players and partners in accordance with international legal standards, access to banking services and payment systems as well as access to all promotional tools, etc”.

He added:

Our team is extremely happy with this significant step in the whole project development. License obtaining additionally proves that Truegame is not only legitimate and trustful project, but also a solid partner”.

Jurisdiction of Curaçao is not the only one Truegame plans to apply for licenses in. Applications to other reputable authorities are scheduled and will follow later.

About Truegame:

Truegame is a fully implemented iGaming platform based on Ethereum smart contracts with more than 37 in-house developed games. The TGAME token is a utility token used for playing games and making bets on the Truegame iGaming platform and is now being at its very final stage of integration into the platform.

About Curaçao eGaming:

Curaçao is one of the oldest and most politically stable providers of regulated eGaming services. Its jurisdictions initiative has championed the eGaming Industry for over a decade. Since 1996 they have maintained unprecedented global recognition and appreciation for their abilities to consistently deliver reliable turn-key professional services to the eGaming and eCommerce marketplace.

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Compliance Updates

Greece Prohibits Advertisement on Online Slots

Niji Narayan

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Greece Prohibits Advertisement on Online Slots
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The Greek government has implemented tough norms on online gaming and advertising. As per the new norms, the maximum stakes of random number generator (RNG) games is limited to of €2, and maximum prizes are limited to €5000.

The slot games  should not be advertised anywhere outside of an operator’s own website. Gambling products other than slots can be advertised on social media but the operators must ensure that the ads are viewed only by persons over the age of 21.

There are several other provisions.

Online players now need to fix loss and time limits for play, and operators must inform players when they reach 80% of their limit.

Casino games will have a prize limit of €70,000 and sports betting will have a prize limit of €500,000 per bet.

Fees for for seven-year licences have been fixed at €3million for online betting and €2million for other forms of gaming.

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Balkans

Bulgarian Revenue Agency Assumes Power to Regulate Gambling

Niji Narayan

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Bulgarian Revenue Agency Assumes Power to Regulate Gambling
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The National Revenue Agency (NRA) has officially assumed the power of regulating the gambling industry in Bulgaria. The country’s National Assembly passed a resolution to this effect last month. It replaces the State Commission on Gambling (SCG).

NRA Director Galya Dimitrova, who has the option to nominate a deputy to oversee the regulated gaming market, will be in charge of all proceedings.

The previous licenses will remain valid till they expire. NRA will process license applications and renewals within six months.

SGC was dismantled from the gambling regulation responsibility following several scandals, leading to the resignation of Chairman Alexander Georgiev in February after he was questioned in connection to an investigation into Vasil Bozhkov, owner of Bulgaria’s oldest betting operator, Eurofootball.

The state-owned Sports Totalisator (BST) presently has a monopoly over lottery products in the country.

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Compliance Updates

Commonwealth Casino Commission releases official statement regarding recent events surrounding Imperial Pacific International Holdings

George Miller

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Commonwealth Casino Commission releases official statement regarding recent events surrounding Imperial Pacific International Holdings
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The following is an official statement from the Commonwealth Casino Commission (CCC) of the CNMI regarding the recent events surrounding Imperial Pacific International Holdings Ltd.

Mr. Edward DeLeon Guerrero, Chairman of the CCC stated, “IPI needs to fulfill its obligations, not only to the people of the CNMI, but also to their employees, vendors, and other parties who are contracted to work with their organization. We are deeply disappointed in IPI’s decision to request an abatement of their annual license fee and casino regulatory fee. The CCC is continuing its enforcement and investigations of its recent Orders that encompass the entire range of any payables or contributions owed to public entities and prepared to seek all remedies under the CNMI gaming laws and under the Casino License Agreement as they relate to IPI’s nonpayment and other non-compliance matters.”

 

About the Commonwealth Casino Commission:

The Commonwealth Casino Commission seeks to ensure that CNMI casinos are operating with high integrity, that the games operate fairly to each patron and that the casino is following best practices. To meet those goals, there are robust controls on all functions of the casinos. The Commission may discipline its casino, vendor, or gaming employee licensees to encourage compliance. The discipline may include monetary sanctions, license suspension, or – at the very worst – license revocation.

The Commission employs personnel who audit every part of the gaming operations including slots, table games, advertising and promotions, revenue accounting, security, and surveillance. As regulators of the CNMI’s casino, our mission is to hold the casino operator and employees accountable to the Commonwealth’s very high standards.

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