Isle of Man shakes up licencing structure
Changes include removal of network partner fees, a simplified test certificate procedure, broadening of sub-licensees services and the recognition of digital currency payments
The Isle of Man Gambling Supervision Commission (IoMGSC) has introduced a series of regulatory changes following industry feedback in a move to improve its licensing structure.
Among the changes include the removal of additional charges for network partners, meaning a services licence holder will now only pay for the network services licences.
The IoMGSC will now accept test certificates issued to other gambling regulators, provided they have a Memorandum of Understanding with the Commission.
Elsewhere, punters will also be able to deposit, gamble or play using convertible digital currencies, such as Bitcoin or virtual goods such as skins.
Lastly, the services a licence holder can offer to sub-licensees has broadened, and may now offer a complete back office system to its sub-licensee as well as the provision of games and lottery products.
Steve Brennan, chief executive officer at the IoMGSC, said the changes are a response to the changing regulatory environment both locally and internationally.
“With the removal of fees for network partners, a simplified test certificate procedure, a broadening of the services licence holders can offer to sub-licensees and the recognition of digital currency payments we have reduced unnecessary regulatory burdens and responded to technological advancements,” said Brennan.
Daphne Caine MHK, member of the Department of Economic Development with responsibility for egaming, added: “The Island continues to cut a path at the forefront of legislative developments and has succeeded in anticipating the future needs of industry on a number of occasions.
“Egaming remains a tremendous area of growth for our economy and the Department will continue to work to support the sector to maintain this momentum.”