Actions from Cyprian Government
The Cypriot government has become increasingly concerned about the amount of
unmonitored and unregulated online casino gambling taking place on the island
and has announced that new actions will be taken to better protect the island
nation and provide further regulations for the internet gambling industry. The
online casinos currently have pretty much carte blanche control over Cyrpus’
gambling market – there are no laws in place in Cyprus to control internet based
businesses and industries. According to the lawmakers though, changes are coming
and the government plans to design and implement some very specific changes to
internet gambling industry operating in the country.
Some of the initial concerns that will be addressed in any future legislation
out of Cyprus is the development of a Gaming Authority that will oversee all of
the online casino gambling activity taking place on and from Cyprus. That being
said though, the Cypriot authorities are also considering forcing the online
casinos completely out of Cyprus in a move aimed at protecting the island. On
the other hand, the Cypriot internet gambling industry is valued at several
billion dollars – and that figure only continues to grow. The Cypriot
authorities now have the opportunity to set up a system of controls for the
industry that comply with the current EU regulations while also capitalizing on
the tax benefits that come from licensing and regulating internet gambling.
There are uncertainties right now about how the government is going to stand up
when it comes to online casino gambling – with the current Betting Law in place
on the island the Cyprian internet gambling industry is fair game. But on the
other hand, authorities on Cyprus are seriously considering taking internet
gambling out of the country’s trade commitments. |