iGaming law is delayed in Cyprus

igaming cyprus

Credits: The Worldfolio.

Malta’s evaluation over Cyprus iGaming proposals has delayed the implementation of a new legislative system.

Cyprus.- Latest iGaming legislation in Cyprus has been delayed as Malta’s authorities need to share a detailed opinion on the new regime. The European Commission is evaluating Cyprus’ plan to develop a more regulated online gaming industry, although certain countries, as Malta, must also present an opinion on the issue.

The three month standstill period determined to review the local draft law by the European Commission and other member states to consider if the draft creates barriers to free movement of goods and services in violation of the European Union or not has been expanded to December following Malta’s submission.

Cyprus authorities have introduced a comprehensive project to regulate the national iGaming market by “remedying several earlier infringements with the 2012 law identified by the EC, including one related to local ISPs’ obligations in relation to blacklisting and website blocking.”

According to the official statement presented last June 28 to the European Commission, the project establishes a tax of 10 percent on net revenue generated from punters in the country, plus a further levy of 1 percent of net revenue towards responsible gambling initiatives and 2 percent to support sporting organisations in the country.