Timor-Leste, one of the strongest democracies in southeast Asia, is taking further strides to become a new jurisdiction in the online betting and gaming sector as complement to regimes in Malta and the Isle of Man.
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In terms of iGaming, Timor Leste will not be competing with Malta, but rather it will be complementary, offering Malta-based operators an opportunity to tap into a market that is very difficult to target from Malta.
The Virtual Gaming Association (VGA) of Timor-Leste hosted a special industry event on Friday, that revealed further details about the proposed regulatory framework. The VGA will be recommending to the Timor-Leste government that it issues both B2C and B2B licences, regulation be modelled on Malta and the Isle of Man rules and licences be issued in the second or third quarter of this year.
It was also confirmed that the VGA will be conducting a consultation process with the industry to further refine its regulatory approach.
Timorese President Jose Ramos-Horta, who was on an official visit to London, spoke at the event about the economic opportunities currently available in Timor-Leste. The country is set to join the Association of Southeast Asian Nations (ASEAN) in 2025 and is currently making efforts to diversify its economy including in the digital and IT sectors with growing interest from investors from around the world.
