The island nation of Vanuatu, known for having been the world’s first jurisdiction to offer online gambling licences back in the 1990s, has unveiled its new licensing framework, allowing applications entirely online.
During an event in the nation’s capital of Port Vila, Minister for Finance John Salong and Macyn White, CEO of the Vanuatu Gaming Authority, officially launched the newly amended regulations relating to the Vanuatu Interactive Gaming Act that will update the previous Vanuatu licences dating back to 1993.
Aimed at operators wishing to target pre-regulated markets, the new rules will see the island nation implement an application process that is entirely online.
Administered by the newly established Vanuatu Gaming Authority, the online portal aims to cut down processing times while ensuring sufficiently strict background checks on all applicants are carried out.
Key facts about the new licence that were revealed during the event include a €5,000 (US$5,370) application fee, a €10,000 ($10,700) annual licence fee, a licence validity period of 15 years from initial issuance and a flat one per cent wagering activity tax charged on gross gaming revenue.
The Vanuatu Department of Customs and Inland Revenue is fulfilling the role of gambling regulator, with applications being processed by the VGA as exclusive agent in a public-private partnership arrangement.
Source: Asia Gaming Brief