SiGMA recently shed light on the burgeoning iGaming industry in Vanuatu following an interview with the country’s Honourable Minister for Finance, John Salong, and Acting Director Collins Gesa. The interview, featured in the latest SiGMA Magazine, delved into the notable amendments to the Vanuatu Interactive Gaming Act and the government’s plans for implementation.
SiGMA Magazine Issue 29 featuring Vanuatu’s new iGaming framework
Key amendments to the Vanuatu Interactive Gaming Act
Vanuatu’s eGaming framework is set to benefit from a streamlined online sign-up process, a highly competitive tax structure, and simplified application procedures through the Vanuatu Gaming Authority (VGA). The VGA’s primary objective is to maintain the integrity and fairness of the industry while ensuring consumer protection and promoting transparency and accountability.
To achieve these goals, the VGA has partnered with VGA Limited. This collaboration involves implementing comprehensive background checks, industry-leading software, and adopting MOH management recommendations for problem gamblers.
Despite the increasingly stringent compliance requirements in the iGaming industry, Vanuatu aims to balance regulatory management and operational freedom. The country has empowered its Director of Customs and Inland Revenue to oversee the implementation of these regulatory changes. The Financial Intelligence Unit has been integrated into the licensing protocol to streamline the process of obtaining an operator licence.
A promising future for Vanuatu’s iGaming Industry
The soft launch of Vanuatu’s eGaming framework has garnered public interest, and the government plans to adopt a more aggressive approach in the coming months. As the Minister for Finance emphasised in the interview, “The industry understands that we are filling a void. It seems that they understand that we look at the role of the regulator as a partnership to help operators comply rather than potentially facing future penalties.”
Vanuatu’s commitment to international business is evident in its open-door policy. The government assures potential investors and partners that operations in Vanuatu are well-managed and transparent. The cooperation with VGA Limited aims to ensure that the island’s operators benefit from a user-friendly, cost-effective, and informative experience.
SiGMA Europe: The grand finale
Get ready for a gaming extravaganza in Malta! SiGMA Europe, the world’s largest iGaming conference, is closing out the SiGMA World Tour 2024 with a spectacular finale. Join us from 11-14 November for unforgettable experiences, networking opportunities, and the latest industry trends. This is an event not to be missed!
