Recently, Vanuatu's Minister of Finance John Salong and Acting Director Collins Gesa were interviewed, revealing the thriving iGaming industry in Vanuatu.
The interview delved into the significant amendments to the "Vanuatu Interactive Gaming Act" and the government's implementation plans.
Main Amendments to the Vanuatu Interactive Gaming Law
Vanuatu's electronic gaming framework will benefit from a streamlined online registration process, a highly competitive tax structure, and simplified application procedures through the Vanuatu Gaming Authority (VGA). The main goal of the VGA is to maintain the integrity and fairness of the industry while ensuring consumer protection and promoting transparency and accountability.
To achieve these goals, VGA collaborates with VGA Limited. This collaboration includes implementing comprehensive background checks, industry-leading software, and adopting the Ministry of Health's management recommendations for problem gamblers.
Despite increasingly stringent compliance requirements in the iGaming industry, Vanuatu remains committed to balancing regulatory oversight and operational freedom. The country has authorized the Director of Customs and Tax to oversee the implementation of these regulatory changes. The Financial Intelligence Unit has been incorporated into the licensing agreement to streamline the process of obtaining operator licenses.
Bright Prospects for Vanuatu's Online Gaming Industry
The pilot run of Vanuatu's electronic gaming framework has attracted public attention, and the government plans to take a more proactive approach in the coming months. As the Minister of Finance emphasized in the interview, "The industry understands that we are filling a void. They seem to realize that we view the role of the regulator as a partnership to help operators comply with regulations, rather than facing potential future penalties."
Vanuatu's commitment to international business is reflected in its open policies. The government assures potential investors and partners that Vanuatu's business management is well-regulated and transparent. The collaboration with VGA Limited aims to ensure that operators on the island can enjoy a user-friendly, cost-effective, and informative experience.
