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Possible Licensing for Online Casinos: 2

The new licensing of online casinos out of The Seychelles is quite a development for the internet gambling industry. There are only a handful of valid gambling jurisdictions and by the sounds of it, this latest attempt to license and regulate internet gambling companies will be a successful and respected jurisdiction within no time. Specifics of the legislation process may seem a bit daunting however for some of the new online casino gambling companies seeking out licensing in The Seychelles. The Seychelles is looking to boost the local economy by offering this new service to the gambling companies and as such, any company seeking out licensing will actually need a Seychellois to act as an agent throughout the process.

This adds another step to the licensing process that some other online casino licensing jurisdictions do not usually need to have in place. In addition to acting as the gambling company’s agent throughout the process, the Seychellois will actually hold the license as well in their name. This effectively makes it so that only citizens can hold a license and thus all businesses go under the name of a Seychellois to some extent. The Seychelles is not the only nation to operate under this policy, countries like Cambodia and others also have similar procedures in place – put in place as a way to ensure that as new business comes to the islands, the locals are benefiting from all of the growth as well as the online casinos.

Other specifics that are valuable to know upfront is that The Seychelles licensing authorities plan to maintain a high level of control over the licensing process. Online casinos and companies holding a license are subject to annual audits of all accounts and financial statements. Additionally, licensed companies have to have gaming software and some other areas expressly approved by the licensing authorities before implementation.