Cyprus needs more time to fully regulate online gambling
The Cypriot parliament has postponed a bill that further regulates and controls online gambling on the Mediterranean island. The imminent adjustments to the online gambling laws have gained a lot of media attention on Cyprus. Cyprus Mail, the Cypriot newspaper, reported recently that the government has postponed the legislative proposal. That bill would fully regulate online gambling on Cyprus. The current situation lacks communication between the potential involved parties. The Eurasian island country is considered as one of the leading licensing jurisdictions for online gambling. However, the Cypriot government doesn’t fully regulate online gambling on the Mediterranean island.
Online gambling Cyprus
The postponement of the new legislative proposal enables governmental officials to analyze the bill carefully. They now have more time to examine the potential effects of a fully legalized online gambling industry. Furthermore, criticizers state that Cyprian officials have failed to sufficiently consult associated organizations. The House Legal Affairs Committee has provided Cypriot officials two weeks for additional consultations. Only after completing the consultation process, the government may consider full legalized online gambling on Cyprus.
Fully regulated online casinos
So far, the process has advanced quickly, which offshore regulators didn’t expect. For that reason, the latest postponement in regulating online gambling isn’t surprising. The implementation of legalized online casinos usually takes a while. All required formalities have to be carried out. A country should be completely prepared to offer support services to all new segments and components of a fully regulated online gambling business.