Isle Of Man Announce Changes To Licensing Structure

ISLE OF MAN ANNOUNCE CHANGES TO LICENSING STRUCTURE

06th February, 2017 at 21:51:55
Source: http://www.azonlinecasinos.com

Regulator simplifies regulatory requirements.

The Isle of Man Gambling Supervision Commission (GSC) has announced a series of changes to its licensing structure after consultation and feedback from the Island's e-Gaming sector, saying it is responding to technological advancements and reducing unnecessary regulatory burdens.

Changes include:

Network Licences: There will no longer be additional charges raised for network partners. A network services licence holder will now only pay for the network services licences not additional network partners.

Test Certificates: The GSC will be able to accept test certificates issued to other gambling regulators, if a memorandum of understanding exists between the two jurisdictions.

Digital Currencies: Recent changes in law mean that operators may now offer customers the ability to deposit, gamble or play using convertible digital currencies, such as Bitcoin or virtual goods such as skins.

Sub-Licences: A full licence holder is now able to broaden the services that it offers to its sub-licensee. A full licence holder may now offer a complete back office system to its sub-licensee as well as the provision of games and lottery products.

"e-Gaming remains a tremendous area of growth for our economy and the Department will continue to work to support the sector to maintain this momentum," Daphne Caine MHK, Member of the Department of Economic Development with responsibility for e-Gaming, said.

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