New rules in Malta and Curaçao, legalization in Uzbekistan, Lithuania bans payments to offshore casinos
Malta makes its financial reporting requirements stronger, Uzbekistan legalizes online gambling, Curaçao and the Netherlands work together to fight fraud, and Lithuania introduces a ban on payments to unlicensed casinos.
Malta introduces new financial reporting requirements for licensees
The MGA has revised its financial reporting requirements for its licensees. They are now required to submit two types of reports: annual financial report (AFR) and interim financial report (IFR).
The annual report contains all financial data relevant to the fiscal year, including key metrics from the company's financial statements. It is important to note that this requirement is not a substitute for the mandatory filing of audit reports. Similarly, interim reports will cover the first six months of the fiscal year and will replace the current requirement for interim reports.
It is essential that both reports be submitted within two months of the close of the specified period. For instance, companies with a fiscal year ending in December are required to file the AFR for 2024 by February 28, 2025, and the IFR for the initial six months of 2025 by August 31, 2025. Reports should be uploaded through the licensee portal on the official website of the MGA.
These changes are intended to enhance transparency and standardize financial reporting within the industry.
Uzbekistan finally legalizes online gambling
Uzbekistan's lawmakers just gave the green light to a bill that would make it legal to gamble in the country. Starting January 1, 2025, online casinos, betting sites, and lotteries will be allowed. The bill was based on a presidential decree from April 2024.
According to the new law, only adult Uzbek citizens and foreigners who have lived in the country for more than five years can gamble. At the same time, anyone showing signs of gambling addiction will face restrictions on betting and gambling.
It is important to note that in order to engage in any gambling activities, it is necessary to obtain a license. These licenses are valid for a period of five years, during which time their holders are responsible for complying with all applicable regulations. The National Agency for Perspective Projects is responsible for issuing these licenses, as well as for regulating the market. The financial obligation associated with acquiring a license amounts to 187.5 million Uzbek soums.
Curaçao cooperates with Dutch government on LOK implementation
On December 24, 2024, Curaçao adopted the National Gambling Ordinance (LOK) with the aim of strengthening controls on operators, fighting corruption, and preventing money laundering. This is an important step in creating a transparent and fair gaming environment in the region.
Curaçao and the Netherlands are collaborating to successfully implement the new law. The Netherlands Gambling Authority (KSA) will share its expertise with Curaçao's new regulator (GGA). This cooperative endeavor will include a consultation between the two countries every six months and the sharing of best practices to ensure international standards are met.
Furthermore, the Curaçao government will convene meetings with key stakeholders, including the Public Ministry and the Financial Intelligence Unit. The collaborative endeavor seeks to fortify international regulatory frameworks, safeguard against fraudulent activities, and align Curaçao's gambling industry with global standards.
Lithuania prohibits payments to unlicensed online casinos
As of May 1, 2025, new regulations will be implemented in Lithuania, mandating that financial institutions must prevent transactions to unlicensed online casinos. This initiative is designed to enhance regulatory oversight of the gambling industry and promote greater transparency within the sector.
Operators who hold a license in Lithuania will be granted access to the white list for making payments. Non-compliance with the law by payment service providers may result in fines of up to €3,800. The government anticipates that this new measure will diminish the influence of illegal operators and establish a more secure environment for players.
