The island nation of Vanuatu is known for offering its first online gambling license in the early 1990s, and has recently launched a new online gambling licensing framework. This new framework allows operators to apply entirely online, marking a new direction in the country's e-gambling regulation.
At an event in the capital, Port Vila, Vanuatu's Minister of Finance John Salong and the CEO of the Vanuatu Gaming Authority, Macyn White, officially launched the revised regulations related to the Vanuatu Interactive Gaming Act. These regulations update the old licensing system in place since 1993, focusing on operators calling for a regulated market.
The new licensing application process is fully online, managed by the newly established Vanuatu Gaming Authority (VGA). The establishment of the online portal aims to shorten processing times while ensuring strict background checks on all applicants.
Key details about the new license include: an application fee of 5000 euros (approximately $5370), an annual fee of 10000 euros (approximately $10700), a license validity of 15 years, and a fixed gaming activity tax of 1% on total gaming revenue.
The Vanuatu Customs and Inland Revenue Department will be responsible for regulating gaming activities, while applications will be handled by VGA Limited as the exclusive agent, using a public-private partnership approach.
Finance Minister John Salong stated: "Our new regulations, while adhering to the highest standards, provide sufficient authority to license holders to focus on their core business." He continued, "Our new application process is designed to ensure timely processing of license applications, with strict background checks before granting any license. These measures will perfect our regulatory framework, ensuring Vanuatu remains a trusted and stable e-gaming jurisdiction, taking a leadership role, which is a key component of our future economic strategy."
Officials stated: "We are proud of our pioneering role in the e-gaming industry, and we believe our new regulations will once again make us the preferred and ideal jurisdiction for global online gaming brands. The new amendments to the Vanuatu Interactive Gaming Act also take into account changes in the global compliance environment, ensuring transparency in our island nation's gaming industry."
Once applications are submitted online and deemed of sufficient quality, they will proceed to the processing stage. If an application is deemed inappropriate or of insufficient quality, it will be returned, and the applicant will have the opportunity to resolve any issues before reapplying. The processing of new applications is expected to begin in early July, at which time further announcements will be made.
