The long-running regulatory debate between the Cyprus government and the European Commission saw yet another development last week as the island government again submitted its revised proposal for online gambling regulation.
Our readers may recall that Cyprus submitted its Betting Law 2017 to the EC for approval in June last year, including amendments to address a previous EC negative opinion.
Following an objection by EU member Malta and a study of the proposals, the EC issued further objections in September last year, giving the Cypriots three months to come up with an acceptable new draft.
Submitting the re-worked draft, the Cypriot government noted that the proposed legislation provides for the strict regulation, control and supervision of the operation of betting shops used for the provision of gambling services, as well as for the strict regulation of the organisation, operation and provision of gambling services.
“In addition, the draft law authorises the local regulator to open disciplinary procedures against the provider in case of non-compliance with the requirements of the draft law and to impose administrative fines; it also includes a number of criminal law provisions regarding offences as defined in the draft law, and a number of general provisions relating to the protection of the public.”
Cyprus opened applications for licensing in October last year and has since awarded full Class B licensing to eight companies – one of them Bet365.