Belarus lawmakers have outlined how a regulated online gambling industry will look as the country prepares for a digital future.
Belarus President Alexander Lukashenko recently signed off on legislation that will define all aspects of the gambling industry, including taxing regulated online operators.
While it has been in the pipeline for a while, it was not until recently that Minister of Taxes and Levies Sergeo Nalivaiko drafted the new laws.
The legislation provides clear cut definitions including how an online casino must be staffed and gives guidelines of how it must operate.
It also sets the requirements needed to establish a gambling industry, licensing, and taxation of the business.
Operators of casinos would have to meet some requirements and obligations to be able to establish in Belarus. These include:
- A company may only get a licence after depositing an approved amount into a designated account. The paid amount would be used to settle winnings or tax obligations in case the casino fails. .
- The operator would have to give tax authorities remote access to their firm and install a special computer system to be used to cover cash turnover related to the company’s gambling activity. .
- In addition, the minimum age for gambling has increased from the current 18 to 21 years and that applies to all casinos being brick-and-mortar or virtual. .
- The law also demands all facilities to install a video surveillance system and prohibits punters from giving money to other to gamble.
Despite the new changes casino operators can heave a sigh of relief as tax rates remain the same for at least the next three years.
One of the primary problems the new laws seek to address is revenue lost by punters accessing online casinos based outside Belarus.